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Federal Reserve Bank of San Francisco University Symposium Elements
What is the University Symposium
- The University Symposium is a program designed to enhance undergraduate students understanding of the Federal Reserve System. Thirty-four have participated in the program since it was started in 2002.
- The program focuses on the conduct of monetary policy and features a real-time FOMC simulation with university students taking the roles of FOMC members.
- Symposiums often are tailored to the preferences and structure of participating universities.
- Some University Symposiums include multiple teams from one university, while others integrate many schools by including single teams from multiple universities. The latter events allow FRBSF to reach a greater number of universities and increase audience sizes.
- Recruiters from the Federal Reserve Bank of San Francisco will attend the Symposium to talk with interested students about Federal Reserve job opportunities.
Preparations for the University Symposium
Federal Reserve representatives work with students and university staff for several weeks prior to the Symposium. Regular communications are held with both university professors and students to outline the structure of the event, as well as to answer questions about economic resources and offer guidance on preparing student presentations. Additionally, current news articles and data releases are emailed to Symposium participants; this critical step introduces students to current debates on the economy and monetary policy, which they often integrate into their presentations during the Symposium.
Introductory Session
The University Symposium typically begins with a 2-hour introductory session that includes several 20-25 minute presentations by three Fed experts. Presentations usually include an overview of:
- Federal Reserve "Purposes & Functions,"
- Banking Supervision, regulation, and risks
- Introduction to the FOMC. This presentation helps set the stage for the FOMC simulation.
FOMC Simulation Session
The second 2-hour session includes student participation. Students assume the roles of Federal Reserve Board Governors and Federal Reserve Bank Presidents serving on the FOMC.
- Professors organize their students into teams. Typically, one member of the team is selected to take the "speaking" role of an FOMC member.
- A typical simulation may include five to eight teams of four to six students each.
The simulation works best with upper division economics majors as team members. Student team members should be familiar with macro concepts and monetary policy. Students from introductory-level courses may also be included in the audience; they often find that the program provides a good illustration of how the Federal Reserve System works and monetary policy decisions are implemented.
Staff Briefing: The real-time simulation starts off with a staff briefing for the Committee members and the audiencethis is typically a 30 minute overview from a Fed economist. The briefing covers:
- Present economic conditions for key sectors and industries,
- Current FRBSF FedViews forecast and potential risks to the economy and the forecast
- Monetary policy alternatives.
Student FOMC Go Around: Following the staff briefing, student FOMC members take center stage in the simulation. During the go-around the student FOMC participants provide their comments on the economy and their views on monetary policy. Depending on the number of teams, the FOMC member representing each team has 7 to 8 minutes to comment.
Directive and Vote: The student representing the Chairman will introduce an FOMC meeting statement that the FOMC members will discuss and vote on at the conclusion of the simulation.
Debriefing and Audience Questions: After the FOMC members vote, Fed staff then opens the floor to questions from the audience. Questions often are directed to both students and the Fed economist. This usually leads to lively discussions between the FOMC simulation participants and the audience of students, graduate students, and professors.
Student participants take the FOMC simulation very seriously and are always well prepared. It's an intense process and they always rise to the occasion http://www.frbsf.org/education/teachers/symposium
University of Symposium Agenda
University of Nevada, Las Vegas
Date: April 10, 2008
Time: 2 5 p.m.
Place: BEH 242
Time Presentation topic Presenter(s)
PART I: INTRODUCTIONS AND PRESENTATIONS BY FRBSF STAFF
2:00 2:05 Welcome Stephen M. Miller
2:05 2:30 Banking Conditions and Trends Karen Safley, Manager of Administrative Services, Banking Supervision and Regulation, FRBSF
2:30 2:55 Introduction to FOMC Renee Courtois, Research Analyst, FRBSF
2:55 3:05 Break
PART II: FOMC MEETING SIMULATION
3:05 3:35 Economic Briefing Yelena Takhtamanova, Economist, FRBSF
3:35 4:35 Comments on economic conditions and vote on monetary policy UNLV Students
4:35 4:55 Debriefing and audience questions All
4:55 5:00 Closing Remarks Stephen M. Miller
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