NYU Stern

Central Banks

There are more than 160 central banks around the world today. They vary substantially in purpose, organization, and policy tools. Over the past few decades, as more central banks became independent setters of monetary policy, their importance for the global economy has grown enormously. Similarly, their role in assuring financial stability has taken center stage in the aftermath of the global financial crisis. Yet, outside of central banks, there are few organizations dedicated to understanding their multiple policy roles.

The research group on central banking aims at better knowledge not only of monetary policy, but also of other functions of many central banks, including financial stability, regulation, and supervision. Understanding both what makes central banks similar and what makes them different is an important focus of the research group.

In addition to traditional mechanisms of promoting research, such as a working paper series, the central bank research group will seek to develop relationships with key central banks around the globe. It will take advantage of Stern’s New York setting to arrange public forums that involve central bankers in assessing key policy issues of the day. It also will explore the creation of metrics that can be used to assess central bank performance and compare central bank structures and activities over time and across economies.

Kim Schoenholtz and Paul Wachtel
Research Group Coordinators