External Review of Economic Research Activities at the Bank of Canada and its Response
The Bank of Canada's objective is to be second to none in carrying out its core responsibilities: preserving price stability, promoting the stability and efficiency of the financial system, designing and issuing bank notes that can be readily used with confidence, and providing cost-effective funds-management and banking services.
To meet these goals, the Bank needs to undertake high-quality research.
Enhancing the Bank's research capability was identified as a priority in the Bank's 2003-06 medium-term plan, and it was recognized that this effort would take 5 to 10 years. In 2007, the Bank initiated a peer review of its research to help achieve this long-run goal. The review was conducted by an external committee of eminent academic and practising research economists. The committee was asked to gauge the quality of the Bank's research and to make recommendations for improving the Bank's research environment.
The Committee produced a report to convey its findings. The Bank of Canada has also published its response to that report.