The Monetary Policy Essay Prize 2024-5
By the Institute of Economic Affairs, the Institute of International Monetary Research, and the Vinson Centre
Sixth form entries: ‘How does monetary policy work? Explain how monetary decisions affect main macroeconomic outcomes such as the nominal GDP and inflation’.
Undergraduate entries: ‘Explain how monetary decisions affect main macroeconomic outcomes such as the nominal GDP and inflation. Is it the level of interest rates or the quantity of money which really matters? And is money more important than credit, or is it the other way round?’
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 sixth form entries should be submitted in PDF format via this form by 23:59:59 on Friday 31st January 2025.
The undergraduate entries should be submitted in PDF format via this form by 23:59:59 on Friday 21st February 2025.
Entrant name and contact details should be clear in the form but not on the attachment itself (it is important you do not include your name or contact details within the attachment).
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 2025. The top participants from the semi-finals will then be invited to the final at the Institute of Economic Affairs in London in March 2025.
We welcome international entries, but all entrants must be able to attend the final in person.
Prizes
For the Sixth Form competition, £1,500 will be awarded to first prize, and £750 each to two runners up.
For the Undergraduate competition, £2,500 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 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 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 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.