The Benjamin H. Griswold III, Class of 1933, Center for Economic Policy Studies funds economic policy-related research projects within Princeton’s Department of Economics.

National College Fed Challenge Competition

The College Fed Challenge is an annual competition hosted by the Board of Governors of the Federal Reserve System and the Federal Reserve Banks. Teams analyze current economic and financial conditions, and formulate a monetary policy recommendation modeling the Federal Open Market Committee (FOMC). The College Fed Challenge began in 2004, and Princeton’s team transferred sponsorship from the Federal Reserve Bank of New York to the Federal Reserve Bank of Philadelphia in 2010. College Fed Challenge Orientation Video.

The College Fed Challenge aim is “to encourage students to learn more about the U.S. economy, the Federal Reserve System, and the implementation of monetary policy.” Team members broaden their knowledge about economics and policy-making, conduct rigorous academic research, meet like-minded peers, and learn from experienced central bank officials. Throughout the year, members engage in discussions about macroeconomics and monetary policy. In addition, members benefit from resources and support provided by the Griswold Center for Economic Policy Studies (GCEPS).

Alan Blinder, GCEPS founder and former co-director, Carolyn Wilkins, GCEPS senior research scholar, and William Dudley, GCEPS senior advisor, serve as team advisors. The challenge consists of regional and national rounds taking place from October to December, and Princeton’s team has achieved excellent performances, including third nationally in 2020.

Applications for Princeton’s 2022 College Fed Challenge Team open in March 2022

The process consists of a short application form and interview. All undergraduates interested in economics and policy regardless of their concentration are most welcome!
Contact Shivani Prusty ’23 and Shirley Ren ’24 for application-related questions.

National College Fed Challenge Teams


Shivani Prusty ’23 (co-captain), Noah Harrigan ’24, Justin Ong ’23, Leland Domaratzky ’22 (co-captain), and Shirley Ren ’24, with John Williams, president and CEO of the Federal Reserve Bank of New York, at the Griswold Center spring symposium: Macroeconomic Policy in the Wake of the Pandemic, April 1-2, 2022 (Allen Liu ’22, absent).

Featured article: In the 2021 College Fed Challenge, Princeton students tackled pandemic-era monetary policy.