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R esearch for Policy Luc Laeven (ECB)

R esearch for Policy Luc Laeven (ECB). Research underpins policy. Good research is the foundation of good policy It strengthens the theoretical underpinnings of the policy framework It allows to study tradeoffs involved in policy

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R esearch for Policy Luc Laeven (ECB)

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  1. Research for PolicyLuc Laeven (ECB)

  2. Research underpins policy Good research is the foundation of good policy It strengthens the theoretical underpinnings of the policy framework It allows to study tradeoffs involved in policy It helps battle the terrible twins of empirical macroeconomics: endogeneity and identification Models allow to identify counterfactuals to analyse the ex post effects of policies, and to understand the ex ante impact of new policies prior to their launch

  3. The financial crisis and its policy responses have raised the value of research The crisis has sharply increased the need for research Policymaking in unchartered territory (macroprudential, TLAC, unconventional monetary policy, etc) has drawn heavily on academic research But at times academia moves slow and internal research is needed to design and calibrate policy Singular research also not most equipped to deal with multidimensional policy demands

  4. Synergies between research and policy Policy work can bring access to ideas and data (first mover advantage) Policy work can push out of comfort zone and result in learning (new topics, new approaches, new people) Policy work can give healthy pressure/deadlines to generate ideas

  5. Striking a balance between policy and research Policy can be a drug Researcher will not survive without research Comparative advantage of central bank researcher is to focus on medium term policy issues and policy tradeoffs Be known for your area of expertise; will ensure better match between research and policy work Actively manage your time Ensure blocks of time for research

  6. Comparative advantage in research Research using proprietary (micro) data (e.g. banking data, credit registers, household and firm level surveys, securities holdings) Research requiring innate knowledge of “plumbing” (e.g. repo markets, collateral, payment systems) Through policy involvement, central bank researchers gain access and a superior understanding of both

  7. Doing research Find complementary coauthors If it is obvious, forget it (need opposite forces) Two ideas, two papers Invest heavily in introduction

  8. Presentations Know your audience (Governors, seminar, etc) Motivation needs to be convincing Focus on main messages A picture is a thousand words

  9. Publishing Present your work (at workshops such as these) Know your Editor Don’t be discouraged by randomness of process Take referee reports seriously

  10. Questions?

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