The Monetary Policy Essay Prize 2026

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

Essay Question: ‘Does the imposition of tariffs raise the price level or/and inflation? Also comment on Donald Trump’s enthusiasm for tariffs. (He has said that, “tariffs” is the most beautiful word in the dictionary.)’.

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

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

The undergraduate entries should be submitted in PDF format via this form.

The submission deadline is Monday, the 31st of August 2026 at 23:59.

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.

The semi-finals for sixth formers will be on October 19th, 2026.
The semi-finals for undergraduates will be on October 20th, 2026.

The top participants from the semi-finals will then be invited to the finals at the Institute of Economic Affairs in London.

The finals for sixth formers will be on the December 1st, 2026.
The finals for undergraduates will be on December 2nd, 2026.

We welcome international entries, but all entrants must be able to attend the semi-final and final event for their category 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 the 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 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.