Simulation of Federal Reserve Bank open market committee will include
team of Saint Martin's students
Oct. 21, 2005
Lacey, Wash. – With gas prices shooting up,
inflation inching up and the effects of hurricanes Katrina and Rita to
consider, will interest rates go up or remain the same? And what effect
will a rate change have on the U.S. economy and on world markets?
Undergraduate business students will have a chance
to experience what it’s like to be on the Federal Board of Governors as
they make recommendation for economic direction during a simulation of a
Federal Open Market Committee meeting. This is the second year of the
event, which has grown from five schools last year to 15 colleges and
universities from Washington, Idaho, California, Nevada, Alaska and
The dynamic exercise is sponsored by the Federal
Reserve Bank of San Francisco to teach undergraduate students about the
workings of the Federal Reserve System and how it influences the U.S.
economic and business picture. The simulation is from 1 p.m. to 4 p.m.
Friday, Nov. 18, at the Federal Building in Seattle. The event, called
“A Day in the Life of a Federal Reserve Bank Policy Analyst,” is part of
“Economics Beyond the Textbook and Classroom, an economics forum.
Saint Martin’s faculty member Riley Moore says
students will be doing lots of preparation for the event. In this “real
world” exercise, each collegiate team takes on the role of a current FED
governor or a current FED bank president. They prepare by researching a
range of regional, national, international and other economic
indicators, assess the economy’s overall health and emerging risks and
analyze economic forecast information.
At the simulation, a single member from each team is
selected to act as the actual governor or president and issues his or
her recommendations on monetary policy and a federal funds interest rate
target based on the team’s research. Other team members support that
person acting as research directors for the FED governor or economic
advisors for FED bank presidents.
The Saint Martin’s team will represent President
Jack Guinn of The Federal Reserve Bank of Atlanta, the 6th district,
which operates branches in Atlanta, Birmingham, Jacksonville, Miami,
Nashville and New Orleans Atlanta, Moore said.
“We will probably have the most crucial role and be
getting the most attention of all the regions, given the impact of
Katrina and Rita on the economy,” he said.
One of the teams will act as FED chairman Alan
Greenspan and prepare a monetary policy and interest rate directive, as
well. Following that, the teams will be called on to defend their
Students on the Saint Martin’s team are:
- Russ Button, Hoquiam, a senior majoring in business
- Michael Bonnett, Olympia, a sophomore majoring in business
- Chrisa Fitzgerald, Port Orchard, a senior accounting major.
- Edward “E.J.” Keating, Lacey, a senior majoring in accounting
- Eric Backous, Lacey, a junior majoring in business
- Tatum Brimmer. Walnut Cove, N.C., a junior majoring in business
- Tingting Huang, Shanghai, China, a senior majoring in
- Andrew Albertson, Lacey, a junior majoring in business
- Deneise Williams, Olympia, a senior majoring in business
Moore and Assistant Prof. Heather Grob, both
economics professors, will accompany the group.
For more information on the simulation, please
contact Moore at 360-438-4511;
email@example.com. Information on the simulation also is available
on the Federal Reserve Bank of San Francisco’s webpage at
For more information:
Assistant professor, economics and finance
(360) 438-4511; firstname.lastname@example.org
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