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Central Bank Economic Research: Output, Demand, Productivity, and Relevance

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  • Miguel sarmiento

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Abstract

The economic research of 30 central banks in OECD and Latin America countries from 2000 to 2007 is evaluated in this study. An international comparison based on four indexes that measure central bank research output, demand, productivity and relevance is included. From this view, the European Central Bank, the United States Federal Reserve Bank-Board of Governors- and the Bank of Canada showed the best results. The Central Bank of Colombia achieves an important position among the central banks selected for the study and holds that position in most of the indexes. Three aspects of research were examined in depth: i) focus of the research agenda, ii) the way research is organized, and iii) strategies for its development for six leading central banks in the sample, based on the results of the measure, including the Central Bank of Colombia. The study shows a tendency of central banks to develop studies with academic institutions. This practice allows them to broad the range of their analysis, by having an outside perspective, while getting expertise with recent techniques and theories for better economic analysis, which contributes to policy design.

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Paper provided by BANCO DE LA REPÚBLICA in its series BORRADORES DE ECONOMIA with number 005935.

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Length: 24
Date of creation: 12 Oct 2009
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Handle: RePEc:col:000094:005935

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Keywords: Central Banks; economic research.;

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  1. Kocher, Martin G. & Sutter, Matthias, 2001. "The Institutional Concentration of Authors in Top Journals of Economics during the Last Two Decades," Munich Reprints in Economics 18183, University of Munich, Department of Economics.
  2. Kocher, Martin G. & Luptácik, Mikulás & Sutter, Matthias, 2006. "Measuring productivity of research in economics: A cross-country study using DEA," Munich Reprints in Economics 18192, University of Munich, Department of Economics.
  3. 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.
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  5. Howard J. Wall, 2009. "Journal rankings in economics: handle with care," Working Papers 2009-014, Federal Reserve Bank of St. Louis.
  6. 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.
  7. P. Garcia-Castrillo & A. Montanes & F. Sanz-Gracia, 2002. "A worldwide assessment of scientific production in economics (1992-1997)," Applied Economics, Taylor & Francis Journals, vol. 34(12), pages 1453-1475.
  8. Pierre St-Amant & Greg Tkacz & Annie Guérard-Langlois & Louis Morel, 2005. "Quantity, Quality, and Relevance: Central Bank Research, 1990-2003," Working Papers 05-37, Bank of Canada.
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