The Future of the Fed
This spring the Minneapolis Fed held its 26th Annual Student Essay Contest, which is open to all high school students in the Ninth Federal Reserve District. The contest drew more than 160 essays from schools throughout the district. The winning essay is published here. Other top essays can be found at minneapolisfed.org under the Student Resources section of the Community & Education tab.
Thirty finalists each received $100. The third-place winner received an additional $200, and the second-place winner an additional $300. The first-place winner, Peter Otness of Edina High School in Edina, Minn., received an additional $400 and was offered a paid summer internship at the Minneapolis Fed.
The Federal Reserve: The next 100 years
In the centennial year of the Federal Reserve System, students were asked to consider what sorts of roles, if any, the Fed should play in the economy over the next 100 years. As background, a primer on the Fed’s functions and activities was provided. Arguments could be made to abolish the Fed or to change its responsibilities. Entrants were encouraged to take a critical approach, but to bolster their arguments for change with solid economic reasoning.
Student Essay Contest Winner: The Federal Reserve of the Next 100 Years: The Promise of "Big Data"