Monetary Policy Statement: Instructions
For the Challenge, teams need to assess the economic conditions and the outlook for inflation in South Africa. This is done during the forecasting period that runs from 10 April to 11 May 2018.
As with the real life Monetary Policy Committee (MPC), each member of a school’s MPC team needs to have an opinion. They also need to give informed input to their colleagues since the final decision is a team one that will be reached through a process of consensus building, i.e. the Governor does not have the final decision.
The final monetary policy statement cannot be longer than 1000 words and must follow the required template, which provides a basic guide to teams for setting out their analysis and identifies some key areas that they should include.
Team statements should follow the format of the Bank’s Monetary Policy Statements; providing an analysis of current economic activity in the South African economy and linking this back to inflationary pressures. While teams are not required to follow this template precisely, this is the minimum information that judges will be looking for.
Judges will also award marks for originality so teams need to structure their report in the way they think best supports their decision. However, there are a few very important points to note:
• The name of the province and school must be clearly shown at the top of the statement
• A word count must be clearly indicated at the top of the statement
• All entries need to include a plagiarism statement signed by every member of the entering team.
• Statements must be typed in Microsoft Word, using Arial font, size 12 and 1.5 line spacing.
• Keep to the word limit (1000 words). Statements in excess of this will be penalised.
• Please note the word limit does not include wording on graphs.
• Teams must use plain language. They must be clear and concise. In this way, their argument will be properly followed and understood.
• The judges are interested in the accuracy and coherency of team’s reasoning rather than their ability to correctly ‘guess’ the Reserve Bank’s decision.
Each member of the team needs to be equally involved in the writing up of the statement and equally able to justify the team’s decision.
Teams need to consider the judging criteria when preparing their submission to ensure that they are following what will be required of them by the judges.
All statements must be submitted either by email or hand delivery to the South African Reserve Bank by Friday, 18 May 2018 at 16:00.