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Quantity, Quality, and Relevance: Central Bank Research, 1990-2003

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Author Info

  • Pierre St-Amant
  • Greg Tkacz
  • Annie Guérard-Langlois
  • Louis Morel

Abstract

The authors document the research output of 34 central banks from 1990 to 2003, and use proxies of research inputs to measure the research productivity of central banks over this period. Results are obtained with and without controlling for quality and for policy relevance. The authors find that, overall, central banks have been hiring more researchers and publishing more research since 1990, with the United States accounting for more than half of all published central bank research output, although the European Central Bank is rapidly establishing itself as an important research centre. When controlling for research quality and relevance, the authors generally find that there is no clear relationship between the size of an institution and its productivity. They also find preliminary evidence of positive correlations between the policy relevance and the scientific quality of central bank research. There is only very weak evidence of a positive correlation between the quantity of external partnerships and the productivity of researchers in central banks.

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Bibliographic Info

Paper provided by Bank of Canada in its series Working Papers with number 05-37.

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Length: 75 pages
Date of creation: 2005
Date of revision:
Handle: RePEc:bca:bocawp:05-37

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Keywords: Central bank research;

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References

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  1. Vitor Gaspar & Juan Luis Vega, 2002. "Research at a policy making institution: Launching research at the ECB," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 138(IV), pages 359-376, December.
  2. Michel Lubrano & Luc Bauwens & Alan Kirman & Camelia Protopopescu, 2003. "Ranking Economics Departments in Europe: A Statistical Approach," Journal of the European Economic Association, MIT Press, vol. 1(6), pages 1367-1401, December.
  3. Eijffinger, S.C.W. & Haan, J. de & Koedijk, C.G., 2002. "Small is beautiful: Measuring the research input and output of European Central Banks," Open Access publications from Tilburg University urn:nbn:nl:ui:12-89579, Tilburg University.
  4. Jansen, Dennis W., 1991. "Ranking federal reserve system research departments by publications in professional journals," Journal of Macroeconomics, Elsevier, vol. 13(4), pages 733-742.
  5. Pierre-Philippe Combes & Laurent Linnemer, 2003. "Where are the Economists Who Publish? Publication Concentration and Rankings in Europe Based on Cumulative Publications," Journal of the European Economic Association, MIT Press, vol. 1(6), pages 1250-1308, December.
  6. Richard Dusansky & Clayton J. Vernon, 1998. "Rankings of U.S. Economics Departments," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 157-170, Winter.
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Cited by:
  1. Miguel sarmiento, 2009. "Central Bank Economic Research: Output, Demand, Productivity, and Relevance," BORRADORES DE ECONOMIA 005935, BANCO DE LA REPÚBLICA.

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