Reserve Bank policy on funding external research

General statement

External research on policy-relevant questions is one way in which the Reserve Bank seeks to improve its performance.

There are at least four clear benefits to the Reserve Bank from engaging external experts working in the monetary economics, macroeconomics and financial stability fields. First and most obvious, we improve our understanding of issues. Second, if the work is in collaboration with RBNZ staff, it provides an opportunity for Bank researchers to extend their areas of expertise. Third, it helps to disseminate internal Bank work. Fourth, it raises our profile as a potential employer of professionals interested in these issues.

The possibility of engaging external parties is routinely considered whenever a new project is identified, as project deadlines permit. Proposals from external experts to undertake work of possible interest to the Bank’s areas of policy interest may also be considered. Such proposals are evaluated according to the criteria below.

Evaluation of project proposals

The Reserve Bank has established a framework for evaluating project proposals. Proposals are jointly assessed by relevant departmental managers based on the following criteria:

1. Fit with our current list of research priorities.

2. The expected return from the project, in terms of improving current policy and our capacity to conduct effective policy in the future. 

Procedure to submit external research proposals to the RBNZ Economics and Financial Stability Departments

Departmental managers are responsible for approving research projects with parties external to the Bank. The point of contact and coordination for monetary and macroeconomic research is Kirdan Lees, email Kirdan.Lees@rbnz.govt.nz or Tim Ng, email Tim.Ng@rbnz.govt.nz. The point of contact for financial stability is Bernard Hodgetts, email Bernard.Hodgetts@rbnz.govt.nz

Before proposals can be considered, they should clearly specify objectives, a timeframe, and suggested allocation of responsibility across the external and internal parties (if any). The nature and extent of any funding that would be required to support the external participation should also be included as part of the proposal submitted for approval.

Preliminary project proposals should be forwarded to the appropriate contact person, who will

(i) gauge the interest in the proposal in the relevant departments of the Bank;

(ii) help to coordinate proposal development (including funding and identification of RBNZ staff if collaboration is desired); and

(iii) subsequently follow up on decisions taken.