Central banks devote a lot of effort to thinking about the structure of their monetary policy function. Benchmarking data shows most conduct reviews of the policy framework, though for many these are ad hoc affairs rather than regular.

Reviews will often consider the big picture – policy targets, tools and metrics, as well as issues like forecasting, as in the recent review of the Bank of England’s framework. Underlying all these headline policy issues is the question of how to organise staff