How to run a world-class economics department

Central banks have myriad ways of organising their economists

Economics department

In the run-up to the publication of this year’s annual economic report, the Bank for International Settlements’ general manager, Agustín Carstens, laid down a challenge to the organisation’s researchers. Could they write a chapter that would shed new light on the inflation process and also stand the test of time, lasting beyond the heated inflationary environment of today?

The challenge encapsulates what many major central banks and related research organisations aim to achieve with their

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