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Student Testimonials
Student Testimonials
Miami Herbert Student and Economics Major Elaine Karabo and Faculty member Miguel Iraola Guzman
Joao Pedro Lebrao Mesquita, Elisa Della Mea, Miguel Iraola, Anaya Jhaveri, Joaquin Orejas.
Economics Major Elaine Karabo
Elaine Karabo stated, “Last fall, I had the privilege of participating in the renowned Fed College Challenge. This nationwide competition, hosted by the Federal Reserve System, invited college students to delve into the realm of economics and monetary policy, offering a platform to showcase their analytical skills and creativity that would be judged by a panel directly involved in the Fed”.
Among these participants was a cohort of five of our very own students who embraced the challenge with fervor and enthusiasm. With the help of our professors, we were able to pull together a simulated FOMC meeting that was then submitted to the 2023 College Fed Challenge. Following our engagement in the competition, we were granted a unique opportunity to attend the Open House event hosted by the Board of Governors of the Federal Reserve System in Washington D.C.
During this enlightening experience, I had the privilege to network with students from all over the country that participated in the challenge, professors from these schools including Harvard College that was the winner of the challenge, professionals from various fields within the Federal Reserve System, gaining invaluable insights into the intricate workings of the nation's central banking system.
Among the distinguished individuals I had the honor of meeting was the Chair of the Federal Reserve, Jerome Powell, who gave us a rare glimpse into the leadership and vision driving monetary policy at the highest levels.
Throughout the event, we were immersed in a variety of discussions, workshops, and presentations, including how to fine-tune our presentations for the next Challenge, and a myriad of opportunities available to us during and after our academic journey, including internships, research fellowships, and career pathways within the Federal Reserve System.
This experience was personally enlightening. It helped me gain a deeper understanding of economic principles and their direct applicability. Sometimes what I learn in class may seem abstract and completely theoretical, but I saw firsthand how I could apply what I was being taught to the current state of the U.S. economy and an avenue of potential careers in doing so.
Economics Major Joao Pedro Mesquita
During the last fall semester, I had the privilege of participating in the Fed College Challenge, a nationwide competition hosted by the Federal Reserve. This prestigious event provides students with a unique opportunity to deepen their understanding of Macroeconomics and Monetary Policy by simulating a Federal Open Market Committee (FOMC) meeting and developing analytical solutions to address the future challenges of the American economy.
Among the 119 participating schools, the University of Miami proudly took part in the competition. Our team, composed of five students from diverse countries and backgrounds, worked collaboratively to simulate an FOMC meeting, generate economic forecasts, and provide insights and predictions on future Federal Reserve policy decisions. Under the guidance of our professor, we advanced to the second round, where we participated in an online Q&A session. Ultimately, we were honored to receive an Honorable Mention, marking a historic achievement for our university.
Following our success in the competition, we were granted a unique opportunity to attend the Open House event hosted by the Board of Governors of the Federal Reserve System in Washington, D.C. Throughout the event, we engaged in networking opportunities with students and faculty from competing universities. We also participated in workshops, discussions, and presentations, including a Q&A session with Federal Reserve Research Analysts and a session focused on preparation for next year’s competition.
This experience was both enriching and inspiring. It provided me with profound insights into Macroeconomic policy formulation, the Federal Reserve’s analytical approach, and the various career paths within the Federal Reserve System. Moreover, it was a fantastic opportunity to explore the vibrant city of Washington, D.C. and further develop my passion for economic research and policy analysis.
Economics Major Joaquin Oreja
Last fall semester, I had the privilege of being one of the 5 students chosen to represent the University of Miami at the “Fed Challenge.” It is a nationwide annual competition where students submit a recording, just like the FOMC, discussing their views on the U.S. economy and the path of monetary policy. The Challenge has two phases, and teams are subdivided according to each regional Federal Reserve Bank. The three best teams of the 12 regional Feds compete in the final round. This final round involves a Q&A discussion with a panel of Federal Reserve analysts, where students defend their position on the state of the U.S. economy and the future path of monetary policy.
With the guidance from Professor Iraola, we worked consistently to produce a good final product, hoping to be able to secure a spot in the final round. A few weeks later we received the good news. But now, in this final round, anything was possible. We did not know either the analysts interviewing us, or the questions we were going to be asked. Being aware of this we prepared ourselves for everything. After doing substantial amounts of research, from reading all the relevant academic literature, or reviewing the different data inputs that shaped our narrative, we did better than everyone expected. We ended up winning an honorable mention, putting us in the top 6 schools in the nation. We were very happy with the result, as this was only the second year The U has ever participated in the Challenge.
A few weeks ago, participants in the Challenge were invited to attend an Open House event at the Federal Reserve Board of Governors in Washington, D.C. Stepping into the iconic Fed Building felt surreal. The Fed staff received us for a day and shared insights on a variety of topics related to monetary policy, the operations of the Fed, as well as the career opportunities they offer. We also had the chance to network with students from other universities and I even got a chance to share a few words with some of the RAs and Alan Blinder, who was there as an adviser to Princeton. To top it all off, we heard Chair Powell deliver a brief speech on career and professional development, which concluded an amazing experience for everyone.
Personally, as an aspiring economist, being invited to the Fed and seeing Jerome Powell make a joke and share a laugh with everyone was one of the most inspiring moments I’ve ever experienced. I’m extremely thankful to the school, Professor Iraola, and everyone on the team for what we were able to achieve. I hope every aspiring economist gets the opportunity to feel what we experienced that day, and I would encourage every student at the U with an interest in macroeconomics to take part in the Challenge.
Economics Major Elisa Della Mea
Competing in the College Fed Challenge was one of the most impactful experiences of my academic career, and having the opportunity to visit the Board of Governors in Washington, D.C., made it even more special. My name is Elisa Della Mea, and I am a senior at the University of Miami. On February 7, I had the privilege of visiting the Federal Reserve’s Board of Governors alongside three teammates who worked with me throughout the semester as we represented our university in the 21st edition of the College Fed Challenge.
With the guidance of our professor, Dr. Iraola, we analyzed the U.S. economic and financial landscape and simulated the role of the FOMC in crafting monetary policy recommendations.
After competing in three nationwide rounds, we earned the opportunity to attend an open house event at the Board of Governors building. Leading up to the event I felt very excited and honored, as it was my first time participating in something of this prestige and caliber.
On the day of the visit, we were welcomed by several economists and Federal Reserve staff who presented on a variety of topics, including reflections on the challenge itself, career opportunities at the Fed, and insights into their roles. I particularly enjoyed a presentation by Brian Bonis,
Assistant Secretary of the FOMC, who explained the different phases of monetary policy decision-making, the preparation process for meetings, and even shared funny anecdotes about what happens at the famous FOMC desk. Moreover, a panel discussion with the judges gave us another opportunity to receive valuable feedback on our performance and months of hard work.
In between presentations, we had the chance to network with students and professors from other universities. It was very nice to meet like-minded individuals from across the country, exchange experiences, and learn about their preparation and backgrounds. A major highlight of the day was an unexpected visit from Jerome Powell, Chair of the Federal Reserve, who surprised us with his presence and personally congratulated us on the effort we put into the competition.
Overall, participating in this experience shaped my academic career like no other class. It deepened my understanding of monetary policy, improved my analytical skills, and gave me the confidence to present complex findings to experts in the field. Most importantly, it sparked an interest in policy applications that I had never fully considered before. I realized how much I enjoy working with data and engaging in economic research—an avenue I now wish to pursue further.
I strongly encourage any student to participate in the College Fed Challenge, as it was genuinely one of the most enriching experiences of my college career. I would like to extend my gratitude to the University of Miami’s Department of Economics for making this trip possible, my teammates for sharing this journey with me, and our advisors for their unwavering support.
Thank you,
Elisa Della Mea
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