Central banks tend to mix research with policy functions

Institutions deploy a wide range of different governance frameworks when it comes to research

Central banks adopt a wide array of different frameworks when it comes to governing research and policy analysis departments, but a mixed approach is the most common.

Two-thirds of respondents to Economics Benchmarks 2020 said they combine research with policy functions. The remaining one-third of central banks have a pure research department, which operates separately to the analysis that goes into policy-making.

It is common among central banks to rotate staff between departments, and many

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