Bank of Israel : The team of international experts invited by the Bank of Israel to assess the work of the Research Department submits its recommendations to the Governor
08/19/2012| 06:13am US/Eastern
Recommend:
A team of international experts invited by the Bank of Israel
to assess the work of the Research Department has submitted its
recommendations to the Governor. The team, which included top
tier economics professors from around the world, was asked to
examine whether the Research Department's work optimally
facilitates the formulating of policy at the Bank in areas for
which the Bank is directly responsible, and if the work
supports the Bank in its role of providing economic advice to
the government. The evaluation included an examination of the
priorities in the Research Department's work plan as well
as of the quality of the work. Such assessments are conducted
in central banks worldwide, at their initiative, every few
years, and they examine, among other things, whether the
resources allocated to various research topics are appropriate
and if the tools and models used in the research are up to date
and meet professional standards.
The team was headed by Professor Laurence Meyer, former member
of the Federal Reserve System Board of Governors and Professor
of Economics at Washington University in St. Louis. The other
team members were Harvard University Professor Elhanan Helpman,
Israel Prize winner and Professor Emeritus at Tel Aviv
University; Northwestern University Professor Martin
Eichenbaum; and Professor Philip Lane from Trinity College in
Dublin. The team visited the Bank of Israel in May, and met
with the management of the Bank and of the Research Department,
with Research Department employees, as well as with sources
outside the Bank.
The team's recommendations cover the organizational
structure of the Research Department in general, and the
establishment of a new division to deal with financial
stability in particular; the managerial structure and manpower
requirements of the Department; the priorities, and allocation
of resources between current monitoring of economic
developments and long term research; the periodic reports
written by the Research Department; the economic models used by
the Department; and the connection between the Research
Department and external entities, both in Israel and abroad.
The team expressed the hope that its recommendations will aid
in maintaining the Bank of Israel's standing as a respected
member of the community of the world's central banks and an
asset to the State of Israel.
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