My Davidson | A Student Blog From Idea to Reality: Davidson College's Debut in the Fed Challenge
February 25, 2025
The Fed Challenge Team at the open house in Washington, D.C. (L-R): Will Bacdayan ’26, Elliot Jones ’25, Dean Dowling '25, Bilal Razzak ’25, Sierra Brown ’25 and Ally Smith ’25
Dean Dowling ’25 reflects on his independent study with Prof. Caleb Stroup, during which Dean and a team of Davidson students founded the Fed Challenge at Davidson College. The team participated in the Federal Reserve’s national competition, placing in the top 15% of 120 participating institutions.
About the Author
Dean Dowling ’25 is an economics major and data science minor from Austin, Texas. In addition to leading the Fed Challenge at Davidson, he serves as a macroeconomics embedded tutor, a Spanish apprentice teacher and a participant in “Econversations.” He is also a member of the Davidson Generals and a Rusk Eating House "Cowboy." After graduating from Davidson, Dean will work as an associate for Prophet in their New York office.
“I chose Davidson for the small class sizes, welcoming community and emphasis professors place on student learning, inside and outside of classes.”
In fall 2023, I took Prof. Caleb Stroup’s macroeconomics class and discovered an interest in monetary policy. Our final project involved analyzing the winning video from the 2023 College Fed Challenge, which consisted of a monetary policy recommendation from undergraduate students. It was an eye-opening experience that made me wonder: Why didn’t Davidson have its own team?
I felt compelled to do something. I proposed creating a team through an independent study, and Prof. Stroup was supportive. That marked the beginning of the Fed Challenge initiative at Davidson.
Because this was Davidson’s first time entering the competition, we had minimal materials to guide us. Our team had five presenters and three data analysts. I worked closely with two fellow students, Bilal Razzak and Will Bacdayan, to oversee our progress. We met with Prof. Stroup weekly and held larger team sessions at least twice a week on the top floor of the Alvarez College Union.
For the first round, we gave a 15-minute presentation, where we analyzed economic conditions, forecasted future risks and recommended a monetary policy stance. Throughout the process we sought out advice from multiple resources on campus. One resource was Econversations, a weekly gathering led by Prof. Shyam Gouri Suresh, where students and faculty discuss current economic topics. Those casual yet informative meetups helped us refine our presentation and deepen our understanding of the Fed’s role in the creation of monetary policy.
Shortly after we submitted our policy recommendation, Davidson welcomed back the current Vice Chairman of the Federal Reserve, Phillip Jefferson, who previously taught economics and served as the vice president for academic affairs at the college. I was fortunate enough to be invited to a dinner at President Hicks’ house, where Vice Chair Jefferson shared insights from his experiences and answered my questions on recent data revisions.
Once we advanced to the final round, we had to prepare for the Q&A segment. By training our own custom GPT on FOMC meetings and other related documents, we built a detailed list of practice questions to sharpen our understanding. We practiced often, running mock sessions where our data analysts played the role of judges. Further assisting in our preparation, Bilal and I had the opportunity to present in former department chair Prof. Clark Ross’s economic policy course, answering questions on monetary policy from residents of the Town of Davidson.
Our efforts ultimately paid off, as we earned the distinction of National Semi-Finalist and were invited to an open house hosted by the Federal Reserve in Washington, D.C. With the support of the Dean of Students Office, we secured funding so everyone on the team could attend. The open house was an incredible opportunity to see how professionals address the questions that we were faced with throughout the competition. Panelists shared insights on everything from monetary policy to bank operations and payment systems. To top it off, Fed Chair Jerome Powell delivered a speech, expressing his gratitude for the attendees’ interest in monetary policy.
Looking back, the Fed Challenge has been fundamental to my time at Davidson. It combined economic analysis with teamwork, communication and real-world engagement, exactly what I hoped to find in a liberal arts environment. From developing the initial proposal with Prof. Stroup to presenting in front of experts, I’ve seen how far curiosity and persistence can take you. I’m grateful for the faculty and students that made it all possible. If you’re even a little bit curious about economics, I encourage you to explore opportunities like the Fed Challenge at Davidson. It’s an unforgettable way to apply what you learn in the classroom and see it come alive in practice.
