Miami Herbert team shines in Federal Reserve contest

Miami Herbert students earn honorable mention in national College Fed Challenge.
Miami Herbert team shines in Federal Reserve contest
From left: Elisa Della Mea, Max Ian Papadatos, Professor Miguel A. Iraola, Joao Pedro Lebrao Mesquita,
and Joaquin Orejas. 

A cadre of talented University of Miami Patti and Allan Herbert Business School students helped the University secure one of six top spots in a 119-school national competition co-hosted by the Federal Reserve.

Five Miami Herbert undergraduates propelled the institution into the final round of the prestigious College Fed Challenge, earning an honorable mention for their impressive efforts. This marks the University's best performance to date in the annual competition, which challenges students to demonstrate their understanding of the U.S. economy and the Federal Reserve's role in shaping monetary policy.

Princeton University placed first in the 21st annual College Fed Challenge, which occurred toward the end of the fall semester, with Harvard College coming in second and the University of Virginia securing third place. Along with the University of Miami, teams from the University of Michigan and Pace University received honorable mentions.

“We have been working hard,” Miami Herbert undergraduate director of economics and associate professor of professional practice Miguel Iraola said of UM’s triumphant College Fed Challenge participants, whom Professor Iraola mentored. “We were able to include the Fed Challenge in our Economics Department coursework, we have been innovative and we have good students. In addition, we had the benefit of drawing on the expert advice of Professors Stefania Albanesi and Noah Williams, both of whom have worked for the Fed as employees and consultants.”

The team included Elisa Della Mea, Anaya Jhaveri, Joao Pedro Lebrao Mesquita, Joaquin Orejas, and Max Ian Papadatos.

“These students first had to submit a video to the College Fed Challenge admissions team, that highlighted the students’ views on economic and financial conundrums confronting U.S. policymakers,” Iraola said. “Then they participated in an online Q&A session with Fed judges, where the five had to defend statements made in their video.

“At the end, they provided monetary policy recommendations as if they were part of the Federal Reserve.”

Iraola noted that the University of Miami had only competed in one other College Fed Challenge, in 2023, prior to earning an honorary mention the second time around. “That’s an indication that we’re moving in the right direction with our students,” he said. “The target for our third attempt is first place!”



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