Research and peer-review process
Economic research at the CNB is coordinated by means of project management, and its implementation can be divided into six stages as shown in the diagram below. The first four characterise the steps from formulating research questions to finalising the research publication. The remaining two focus on the use of research outcomes in discussions about the central bank’s policies and in the CNB’s communications with the economic community. One significant advantage of the process is its structured project approach, with feedback provided at various stages of the project.
The individual stages of the research process and the historical development of CNB research are described in detail in the article “How to Organize Research in Central Banks: The Czech National Bank’s Experience”.
CNB research process
A finalised research project is submitted into a demanding peer-review process comparable with that at high-quality international journals. The research paper is sent to at least two reviewers – one a CNB expert and the other from a foreign central bank, supervisory institution or from academia. A committee consisting of the research coordinator, at least one reviewer and the director of the department to which the research project thematically belongs, decides on whether to accept or reject the manuscript for publication and on changes which have to be incorporated. The research team presents its finding at an open review seminar, at which it must be capable of defending its findings before the committee. The final paper is published in one of the CNB’s research series.