Harvard University took second place at the 14th annual College Fed Challenge, a competition that encourages students to learn about the U.S. economy, monetary policy making and the role of the Federal Reserve System.

Pace University, representing the New York Federal Reserve District, won the competition. Honorable mentions for the competition were Princeton University, Virginia Commonwealth University and the University of Wisconsin–Whitewater.

College Fed Challenge is a team competition for undergraduate students, where each team analyzes economic and financial conditions and formulates a monetary policy recommendation, modeling the Federal Open Market Committee. Participants gave 15-minute presentations and answered questions for a panel of judges. Teams were evaluated on economic analysis, responses to judges’ questions, teamwork and their presentation.

“For someone who has spent her career as an educator and economist, it’s wonderful to see bright young people motivated to learn about the role monetary policy plays in fostering a healthy economy,” Federal Reserve Board Chair Janet L. Yellen said in a statement. “I am hopeful that this experience will spur some of the students to pursue further study of economics and finance.”

The judges were Ellen Meade, senior adviser in the Division of Monetary Affairs at the Federal Reserve Board; Dr. Thomas Lubik, senior research advisor at the Federal Reserve Bank of Richmond; and Andrea Tambalotti, assistant vice president and function head of the Macroeconomic and Monetary Studies Function at the Federal Reserve Bank of New York. The teams competed in their local Reserve Bank Districts, and the top teams moved on to the finals in Washington, D.C.