Friday, December 13,2019   / 14:27PM /  By BoE  /   Header ImageCredit: Tufts Now - Tufts University

In February 2018, the Bank of England's Court of Directors (theBank's board) commissioned its Independent Evaluation Office (IEO) to conductan evaluation of the Bank's research.

Summary 

Outstanding research and analysis underpins everything the Bank does.While the Bank has conducted research for many years, it had, to a degree, beencrowded out during the financial crisis by the shorter term analysis needed atthe time. Recognising this, in 2014 the Bank made investment in research a keypart of its One Bank Strategic Plan.

With that plan coming to anend, Court commissioned the IEO to assess whether the aim to improve researchin the 2014 Strategic Plan had been met. The IEO was asked to consider whetherthe investment in research had enabled the Bank to make progress on itsresearch objectives: to increase the Bank's external profile and influence; toinform policy development; and to enhance internal skills and knowledgebuilding.

Findings

The report shows that research has benefited from this investment.There is a more conducive environment for research at the Bank, with moreresearchers given more time to carry out their research. The Bank is publishingmore across the full range of the Bank's remit: monetary, macroprudential andmicroprudential.

Research is being used in policy development and is informingpolicymakers. And the Bank's reputation as a research institution has risenglobally. Developing researchers' skill has helped improve the quality ofresearch and analysis produced.

Recommendations 

The IEO's recommendations fall under three themes. The firstconsiders the importance of clarifying the role of research in delivering theBank's mission. The second theme looks to provide more clarity and structurearound career paths for researchers.

The final theme reflects on the challenges of ensuring there arestructures and resources in place that support the Bank's research objectives,in particular ensuring that researchers can make the best use of the Bank'sunique data. 

Related Notes

• Evaluation of the Bank of England's research
• The Bank England's response to the Independent Evaluation Office's evaluation of research

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