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Lane and Waller: research mix is extremely valuable

Central banks’ short- and long-term studies both benefit policy-making, Fed and ECB officials say

Philip Lane and Christopher Waller
From left: Philip Lane and Christopher Waller

Christopher Waller and Philip Lane have spoken of how they see value in both the basic, mandate-directed forms of research and in the long-run studies carried out by central banks.

The Federal Reserve board member and the European Central Bank’s chief economist discussed the benefits of high-level research at the ECB’s international research forum on monetary policy on May 19. 

They agreed that long-run, niche research could provide a critical background for crises or new policy needs. Lane

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