The European Central Bank (ECB) has announced Alena Wabitsch from the University of Oxford as the winner of the 2025 Young Economist Prize. 

The award was given at the ECB Forum on Central Banking, an annual event that attracts top policymakers, academics, and market economists.

This year, the forum was held between 30 June and 2 July in Sintra, Portugal, and focused on the theme "Adapting to Change: Macroeconomic Shifts and Policy Responses." 

Wabitsch's research paper, "The Messenger Matters" delves into how the messenger impacts the reach and influence of policy communication. Using big data and experimental models, she concluded that selecting the right messenger can maximize welfare, proving to be a powerful policy tool. 

Her entry included a poster and video summary:

 

The Young Economist Prize is aimed at PhD students who submit papers on pressing economic themes relevant to the euro area. This year's topics included the macroeconomic implications of structural changes in the labour market, the prudential treatment of non-bank financial intermediaries, and the evolving architecture of international trade. 

Reacting to the news last month that two of its students were recognised at the Forum, including Wabitsch, the Department of Economics at the University of Oxford stated in a press release:

"We’re delighted to share that two of our DPhil students, Alena Wabitsch and Lovisa Reiche, have been selected as finalists for the European Central Bank’s 2025 Young Economist Prize."

Upon the announcement of Alena Wabitsch as the winner, the department added:

"We are delighted to share that Alena Wabitsch has been announced as the winner of the 2025 ECB Young Economist Prize. Her paper, “The Messenger Matters”, was recognised for its innovation, rigour, and policy relevance at the ECB Forum on Central Banking in Sintra. Congratulations, Alena!"

The full list of finalists consisted of:

Alena Wabitsch (University of Oxford) for her paper "The Messenger Matters"
Thomas Bourany (The University of Chicago) for his paper "The Optimal Design of Climate Agreements"
Leonardo D’Amico (Harvard University) for his paper "Capital Market Integration Boosts US Growth"
Friederike Fourné (Ludwig Maximilian University Munich and ifo Institute) for her paper "Micro identification of material shocks"
Marko Irisarri (Universitat Pompeu Fabra Barcelona) for his paper "Entrepreneurship Across Cities: Uncovering Policy"
Patrizia Massner (Stockholm University) for her paper "Should elder care be subsidized?"
Lovisa Reiche (University of Oxford) for her paper "Exposure Matters When in Doubt"
Giovanni Sciacovelli (Northwestern University) for his paper "Adjustable Mortgages & Monetary Policy"
Jacob Sundram (University of Copenhagen) for his paper "Foreign Spillovers of Monetary Policy"
Giovanni Trebbi (Tilburg University) for his paper "Inflation Narratives and Expectations"
 

All participating finalists attended the forum from June 30 to July 2, 2025, where their research was assessed by a jury comprised of academics and ECB staff. In addition to a 10,000 euro award, Wabitsch and other finalists engaged in forum activities, including panel discussions and expert talks, fostering a dynamic exchange of ideas on economic challenges and policy solutions.

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_{^{Image Credits: ecb.europa.eu}}