TEN MINUTES OF TIPS FOR FED CHALLENGE

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TEN MINUTES OF TIPS FOR FED CHALLENGE

• Joseph J. Lanza
• Social Studies Teacher
• Rumson-Fair Haven H.S.
• Rumson, NJ 07760
• School no. 732-842-1597 x 226
• E-mail jlanza_at_rfhrhs.org

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SELECTING A TEAM

• Reflecting backwards
• Class announcement arm twisting.
• Recruitment
• Promotion film helped
• Open meeting for interested students What is
  FED?
  

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SELECTING A TEAM

• Fast forwards
• Forming a club
• Open meeting
• Interview of interested candidates
• Selecting a club roster multiple roles get a
  balance.
  
• Standards for participation competition dates a
  must!
  
• Formal tryouts for competitive and
  non-competitive team members
  
• Know your economics and chemistry.

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RESEARCH GATHERINGWhat do you look at?

• The timeline basics
• Knowledge of macroeconomics understand what you
  are saying first!
  
• Get the BIG 3 picture!
• Know your economic calendar.
• What are policymakers saying and others?
• Now look for supporting information.
• Breaking down the above as needed.

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RESEARCH GATHERINGWhat do you look at?

• Sources
• Too many to list so prioritize Internet sources
  such as the Federal Reserve Banks links.
  
• Readings the WSJ NYT types.
• Fed publications FOMC announcements, the Beige
  book and FOMC minutes.
  
• Subscription newsletters.
• Guest speakers.
• Many others hint specialization and division of
  labor
  

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PRESENTATION How is the script written?

• Student driven a MUST the ownership
  principle.
  
• Dont necessarily reinvent the wheel each year.
• Backward design Whats your BIG idea or
  goal?
  
• What are your essential questions? Examples How
  healthy is the current economy? What are the
  risks to the economy going forward?
  
• Frame a brainstorming meeting to start the ball
  rolling.
  

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PRESENTATION How is the script written?

• Have a note taker or go to the videotape.
• Rewrite, Rewrite, Rewrite!
• Watch your time restrictions.
• Edit, Edit, Edit!
• How to present? Presentation style and use of
  technology is up to you a comfort level.
  

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TIPS FOR Q A SUCCESS

• My top ten points for success in the Q A
  guess who uses this approach?

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NUMBER 10WHATS THE GAME PLAN?

• How are you going to respond to Q A?
• Who takes the lead?
• Establish experts on various topics than follow
  the leader you know the concept!
  
• Overall the most knowledgeable.
• Those who can think on their feet the best.
• Huddling, if necessary

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NUMBER 9DIPLOMATIC PIGGYBACKING

• How do we respond to an incorrect response?
• I think what ____ meant to say was
• Going off on a tangent In summary or Let me
  add one final point or getting back to the
  initial question
  

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NUMBER 8ECONOBABBLE AND FEDSPEAK

• Mis-speak Productivity declines from 9 to 4
  or inflation decreases from 3 to 1
  
• Current hot terms or phrases
• jobless recovery
• soft patch
• outsourcing
• measured pace
• Arm yourself with a working knowledge of economic
  concepts and terminology
  
• Nairu
• Full employment
• Federal funds market

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NUMBER 7WHEN IN DOUBT JUST ASK!

• Listen and hear the judges question What is
  monetary policy and how does the Fed use monetary
  policy to control inflation?
  
• Pay attention to multi-part questions Can you
  repeat the second part of the question?
  
• Ask for clarification Are you referring to the
  tools of the Fed?
  
• Ask to re-phrase question if unsure.
• Give it your best shot if you are asking about
  the transmission mechanism for monetary policy
  than

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NUMBER 6WHAT IS AN ANECDOTE?

• A short personal account/illustration.
• Example You ask whether higher energy prices
  are exerting inflationary pressures? When I
  received this briefing report from FedEx, there
  was a surcharge of 5 for higher fuel costs.
• Look at the Feds Beige Book.
• Read, Read, Read! Newspapers, magazines, local
  community, etc.

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NUMBER 5WHEN GREENSPAN SPEAKS

• Moral suasion approach
• Reading of speeches and testimony
• What are the analysts saying?
• Impact on financial markets Why did the
  financial markets rise/fall when Mr.Greenspan
  spoke?