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

  • Miguel Sarmiento

    ()

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 Republica de Colombia in its series Borradores de Economia with number 576.

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Handle: RePEc:bdr:borrec:576
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  1. Marcelo Ochoa & Klaus Schmidt-Hebbel, 2006. "El Banco Central de Chile en Comparación con los Bancos Centrales del Mundo," Working Papers Central Bank of Chile 367, Central Bank of Chile.
  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. Jorge E. Galán Camacho & Miguel Sarmiento Paipilla, 2007. "Staff, Functions, and Staff Costs at Central Banks: an International Comparison with a Labor- Demand Model," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 131-179, July-Dece.
  4. repec:ner:tilbur:urn:nbn:nl:ui:12-89579 is not listed on IDEAS
  5. Howard J. Wall, 2009. "Journal rankings in economics: handle with care," Working Papers 2009-014, Federal Reserve Bank of St. Louis.
  6. BAUWENS, Luc & KIRMAN, Alan & LUBRANO, Michel & PROTOPOPESCU, Camelia, 2003. "Ranking economics departments in Europe: a statistical approach," CORE Discussion Papers 2003050, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. J. Peter Neary & James A. Mirrlees & Jean Tirole, 2003. "Evaluating Economics Research in Europe: An Introduction," Journal of the European Economic Association, MIT Press, vol. 1(6), pages 1239-1249, December.
  8. Kocher, Martin G & Sutter, Matthias, 2001. "The Institutional Concentration of Authors in Top Journals of Economics during the Last Two Decades," Economic Journal, Royal Economic Society, vol. 111(472), pages F405-21, June.
  9. 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.
  10. 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.
  11. Eijffinger, S.C.W. & de Haan, J. & Koedijk, C.G., 2002. "Small is beautiful : Measuring the research input and output of European Central Banks," Other publications TiSEM 54809c56-978b-43f0-8117-8, Tilburg University, School of Economics and Management.
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