These students have been selected to participate in a prestigious simulation of The Fed later this week. Front row, left to right; Marina Ota, Nervin Sidhu, Yugi Gao. Back row, left to right; Alex Malkis, Jacob Baumbach, Emma Luther.

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Academics

Pacific Students to Participate in Prestigious Federal Reserve Bank Symposium

Apr 9, 2012

Six Pacific economics students have been invited to participate in a symposium organized by the Federal Reserve Bank of San Francisco (the Fed) and CSU-Long Beach on April 12 and 13. This is the first time Pacific students have been invited to this prestigious event, which normally draws an audience of hundreds of faculty, students and members of the Long Beach community.

Jacob Baumbach, Yuqi Gao, Emma Luther, Alex Malkis, Marina Ota, and Nervin Sidhu will take on the roles of The Fed staff and vote on monetary policy. The half-day event, which is run by the Fed staff, includes presentations on the Federal Reserve System and a current economic outlook presented by a Fed economist. During the simulation, the students will vote on monetary policy and the target federal funds interest rates.

"The monetary policy symposium is a wonderful opportunity for our students to interact with Fed officials," said economics professor Sharmila King. "While our students study the theories behind setting interest rates in class, they do not experience how The Fed actually decides to change interest rates in practice.  The FOMC (federal open market committee) simulation is an incredible experience for our students."

The Symposium requires several weeks of preparation, during which students collect data on current economic conditions and familiarize themselves with recent debates on the economy and monetary policy. Economics professors Bill Herrin, Simge Tarhan and King are coaching the students for the event.

Jacob Baumbach rehearses his presentationThis year, Pacific students will represent the 12th District, which includes the nine western states- Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington-plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. They will make a presentation on the current economic conditions in the 12th District. Then, drawing on their knowledge of monetary policy and macroeconomics, they will make monetary policy recommendations for the Federal Reserve System.

Eleven other teams from CSU-Long Beach will also be participating.

The participants each receive a certificate that signals their suitability to internships and possibly future employment at the Federal Reserve.