ARCHIVE. Last updated: 27.03.2020. Up-to-date information is available on the Bank of Russia website (current version).

Call for Papers
for students

Download PDF

The Bank of Russia and the Russian Journal of Money and Finance invite students and PhD fellows to submit papers for our 2nd Economic Research Competition

  • The closing date is 15 May 2020.
  • The winners’ papers will be considered for the publication in the Russian Journal of Money and Finance.
  • The competition winners be invited to participate in the Bank of Russia Macroeconomics Summer School, the Bank of Russia International Conference, and the International Financial Congress in July, 6-10 2020 in St Petersburg.

Submission topics

Central banks’ policy:

  • Types of market imperfections and central banks’ policy goals and tools. Interaction and coordination of monetary, prudential, and macroprudential policies. Interaction of central banks’ policies and fiscal policy.
  • Macroeconomic models and their applications in central banking. General equilibrium models of the Russian economy.
  • The impact of unobservable variables and their estimates on monetary policy.
  • Monetary policy under model/scenario uncertainty.
  • Effectiveness of central banks’ communication policies and optimal information transparency.
  • The international monetary system and its implications for monetary policy in emerging markets.


  • Measuring inflation. The nature of inflation (monetary/non-monetary inflation). The Phillips curve and the labour market. Changes in relative prices and exchange rate pass-through to prices.
  • Measuring underlying/monetary/pure inflation. Inflation forecasting. Production costs, markups, and producer/seller competition as inflation drivers. The microeconomics of inflation. Microdata-based/big data-based inflation analysis&forecasting.
  • External and internal drivers of inflation. Financial drivers of inflation. Inflation expectations and their role in understanding/forecasting inflation. Drivers of inflation expectations.

Financial stability:

  • Indicators of financial stability, systemic risk&contagion effects, and their forecasting.
  • Global finance and systemic risks. Imbalances and capital flows. The global financial cycle and its effect on small open economies. The interrelation of the business and credit cycle.
  • The exchange rate as a shock absorber. Dollarization. External debt. Choosing the nominal currency of trade contracts.
  • Oil price movements and their effect on Russia’s price and financial stability.
  • The microeconomics of financial stability: the causes of debt overload and currency mismatches in balance sheets. Microeconomic decisions of households and their effect on financial stability.
  • Financial stability risks on industrial and regional levels.
  • Fiscal policy as a financial stability driver.
  • The interrelation of monetary and macroprudential policies. Monetary policy: ’Dilemma not Trilemma’. Optimal monetary and macroprudential policy.
  • Moral hazard and adverse selection in macroprudential policy.
  • The future of finance and financial stability implications (fintech and cryptocurrencies).
  • New data and financial stability research methods.


  • Bank business models: challenges and prospects.
  • Optimal competition in the banking sector: major and minor banks.
  • Research on bank-level data.
  • Federal and regional banks.
  • Forecasting banks’ financial position.

Key requirements for the research

  • Applied research.

With either a direct result (forecast, macroeconomic analysis model) or an indirect result (testing of economic hypotheses that are important for Central Bank policy).

  • Meeting academic criteria.

The research should include: clear objectives; a literature review and description of the study’s original contribution; a description of the mathematic or econometric model used and the decision quality criteria for the objective set by the author; a description of the statistical data used; a description of the results and a robustness check; and applied conclusions.

  • The study should have been carried out no earlier than 2017.
  • When carrying out the research, the author should have possessed a Bachelor’s or Master’s degree, or else been working towards a PhD.

How to apply:

  • Submit by email to the entire study in Russian or English, including in the email subject field the phrase: “Application for 2020 Bank of Russia research competition for students and doctoral researchers”.
  • Give your full name, course, and educational institution.
  • A cover letter, containing the research objective, the contribution made by the authors (the originality of the results when compared against specific existing studies), results, and conclusions.
  • Papers are accepted in PDF format (file size not more than 5 MB).

Competition dates:

The closing date is 15 May 2020.

The winners will be announced on 15 June 2020.

Competition jury:

Editors and the Editorial Board of the Russian Journal of Money and Finance.

Researchers from the Research and Forecasting Department, the Monetary Policy Department, and the Financial Stability Department of the Bank of Russia.

Publication of research papers:

The Russian Journal of Money and Finance will consider the winners’ papers for publication.

The competition winners will have the chance to participate in the Bank of Russia Macroeconomics Summer School, the Bank of Russia International Conference, and the International Financial Congress in July, 6-10 2020 in St Petersburg (travel and accommodation costs covered).

× Закрыть