The Monetary Policy Essay Prize 2020
On 17th February we ran the final for the second year of our Monetary Policy Essay Prize at the Vinson Centre. The prize is for University Undergraduate students and was held jointly with the Institute of International Monetary Research at the University of Buckingham.
The essay question was “Is monetary policy exhausted? Is it possible that the state cannot create extra money balances? In your answer discuss in detail the methods by which the state – understood to include both the government and the central bank – can create new money balances and the implications for the economy of those different methods.”
The 2020 competition was won by UCL’s Mihir Gupta for his essay and presentation. The entries were reviewed by a panel of judges and the top 4 entries presented their papers at the Essay Prize Final on 17th February at the Vinson Centre at the University of Buckingham.
Mihir won a prize of £1,000. A second prize of £300 was awarded to Tim Edwards from Bristol University and the third place award of £200 went to Anjali Sharma who is starting her studies in Financial Maths next year.
The entries were 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.
The Monetary Policy Essay Prize 2020
“Is monetary policy exhausted? Is it possible that the state cannot create extra money balances? In your answer discuss in detail the methods by which the state – understood to include both the government and the central bank – can create new money balances and the implications for the economy of those different methods.”
The understanding of how central banks make policy decisions is key to analyse a modern economy, particularly since the outbreak of the Global Financial Crisis in 2008/09. Rigorous analysis of the effects of changes in the quantity of money on prices and output was forgotten and even neglected by nearly all in the years running up to the crisis. This competition will give you a unique opportunity to contribute to the better understanding of money and its roles in the making of monetary policy. The Essay Prize is open to current Undergraduate Students at UK universities.
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
All entries to the competition should be submitted by 11.59pm on Friday 17th January 2020. They should be submitted in electronic form to [email protected]uk. Entrant name and contact details should be clear in the email but not on the essay attachment itself (it is important you do not include your name or contact details within the attachment as entries will be anonymised before being viewed by judges).
The entries will be reviewed by a panel of judges and the top 5 entries will be invited to the Essay Prize Final (including meeting with the judges) at the Vinson Centre at the University of Buckingham in February.
The winning entry will receive a prize of £1,000. There is also a second prize of £300 and a third prize of £200.
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.
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.
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.