Garfield Scholars visited the Federal Reserve Bank of Cleveland on Monday, Sept. 19, to tour the facilities and hear a briefing from Mark Sneiderman, Chair of the Policy Committee of the Cleveland Fed.
Sneiderman gave the students a report on the economy, discussing the federal open market committee, labor market, inflation, budget problems and monetary policy.
Garfield Scholar Michael Carey ’12, an economics major who attended the trip, said Sneiderman discussed the ways the Great Recession (2007-2009) is behaving in comparison to U.S. recessions of the past.
“On the news you hear, ‘this is the worst thing that’s happened since the Depression,'” Carey said, “but in all reality, on unemployment and loss of GDP (gross domestic product), this recession is not misbehaving in any way that’s incredibly unlike other recessions in the past.”
On the other hand, Carey said, Sneiderman explained that the recent recession is unlike others, in that quantitative easing hasn’t worked.
As an economics major who has been in college during a time of recession, Carey said he’s gained a lot from discussions like this one, that relate real-life happenings to the way things are “supposed” to go in economic theory.
“It’s kind of an exciting time to be learning,” he said. “You take theory in the classroom, and everything works out perfectly, but then you apply it to the real world, and theory has holes in it.”
The Garfield Scholars program is a competitive program through which a select group of students actively participate in the seminars through the Garfield Institute of Public Leadership, engage public leaders on and off campus and demonstrate scholarship.