Are Central Banks' Research Teams Fragile Because of Groupthink?

Jakub Rybacki

No 2019-045, KAE Working Papers from Warsaw School of Economics, Collegium of Economic Analysis

Abstract: In the recent years, the great majority of central banks have globally failed to realize inflation targets. We attempt to answer a question of whether such failure resulted from insufficient organization of economic research in those institutions. Our study shows a positive, but statistically weak, relationship between these issues. However, the analysis finds also a few adverse irregularities in major central banks' research organizations. The research of the European Central Bank, Bundesbank, and the Bank of England are relatively less diversified compared to the U.S. Federal Reserve. In the cases of Poland and Italy, economic departments are dominated by groups of researchers focused on narrow topics. On the other hand, the organization of research departments in France and Canada support a greater variety of topics and independence of researchers.

Keywords: groupthink; network analysis; central banks; big data (search for similar items in EconPapers)
JEL-codes: D02 E58 I23 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2019-12
New Economics Papers: this item is included in nep-cba, nep-his, nep-hpe, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:sgh:kaewps:2019045

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