for the public understanding of economics and entrepreneurship

The Annual Monetary Policy Competition

The Monetary Policy Essay Prize 2023-4.

By the Institute of Economic Affairs, the Institute of International Monetary Research, and the Vinson Centre

What causes high inflation, and is the Bank of England responsible for the current inflation episode? If so, how would you make it more accountable?

2023 winners
This year’s finalists

The Submission and Style Requirements

Entries should be no longer than 2,500 words long. Entries should include a bibliography and Harvard style referencing. References will count towards the word total, but the bibliography will not. The text should be double spaced, on A4 pages, in Arial size 12 font.

How to Enter

This year, the Monetary Policy Essay Prize will be divided into two separate competitions, the first for sixth formers, the second for undergraduates.

The competitions are free to enter, and open to both UK and non-UK residents. However, all entrants must be able to attend the semi-finals and final in person in order to compete.

All entries should be submitted and in the inbox by 23.59.59 on Friday 26th January 2024. They should be submitted in PDF form to essayprize@iea.org.uk

    • Entrant name and contact details should be clear in the subject of the email but not on the essay attachment itself (it is important you do not include your name or contact details within the attachment).
    • In the email text, please include whether you are applying for the sixth form or undergraduate competition, as well as your institution name.

Logistics

The entries will be reviewed by a panel of judges, and the top entries will be invited to semi-finals at the Vinson Centre at the University of Buckingham in February 2024. The top participants from the semi-finals will then be invited to the final at the Institute of Economic Affairs in London in March 2024.

Prizes

For Sixth Form competition, £1,000 will be awarded to first prize, and £500 each to two runners up.

For the Undergraduate competition, £2,000 will be awarded to first prize, and £1,000 each to two runners up.

The entries will be judged on the criteria of knowledge and understanding of the economic issues raised by the challenge, use of resources, the quality and clarity of the argument and analysis presented, and the degree of originality and insight displayed. They will not be judged on the basis of adherence to a particular perspective regardless of quality or the other considerations set out.

About IIMR

The purpose of the Institute of International Monetary Research is to demonstrate and bring to public attention the strong relationship between the quantity of money on the one hand, and the levels of national income and expenditure on the other. The Institute – which is associated with the University of Buckingham in England – was set up in 2014, in the aftermath of the Great Financial Crisis (a.k.a., “the Great Recession”) of 2007 – 2009. It is an educational charity.

About IEA

The IEA is the UK’s original free-market think-tank, founded in 1955. Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. As part of this, the IEA runs an extensive student outreach programme including internships, summer schools, seminars and competitions. The IEA is an educational charity (No CC 235 351) and independent research institute limited by guarantee. Ideas and policies produced by the Institute are freely available from our website. The Institute is entirely independent of any political party or group, and is entirely funded by voluntary donations from individuals, companies and foundations.

About the Vinson Centre

The Vinson Centre for the public understanding of economics and entrepreneurship is a space for research and knowledge exchange at the University of Buckingham where individuals and teams come together to pursue exciting projects in novel ways.

2023 Winners

On 22nd March 2023 we ran the final for the fifth year of our Monetary Policy Essay Prize in conjunction with the Institute of International Monetary Research and the Vinson Centre. The competition was won by Rory Middlemiss of Abingdon School. Guari Khanna and David Zhan Zou came in as the two runners up.