Research Priorities

The work of our Research Department is guided by priorities that set out the key directions for research over the coming years. These priorities are updated from time to time in response to emerging economic and financial issues, with input from the research staff and our senior leadership team.

Our research priorities are currently focused on five key topic areas. By sharing these priorities, we hope to encourage external research in these areas and foster research collaboration with external researchers. While these topics are our main research priorities, many areas of the Bank also conduct research that does not necessarily fit into these broad topic areas.

If you are interested in exploring collaborative opportunities with our researchers or would like to discuss your research plans, please email

  • Monetary policy tools

    Research on this topic will look at the conventional and unconventional tools we have or could potentially use to help us achieve our monetary policy objectives. In part, this might involve evaluating the policy measures that have been implemented since the COVID-19 outbreak in early 2020. It might also involve further research on the policy transmission mechanisms for a range of different policy tools, and whether the nature and strength of those transmission mechanisms depends on the broader economic environment.

  • Monetary and fiscal policy coordination

    Research on this topic will consider the mix of monetary and fiscal policies for managing macroeconomic fluctuations. This might involve studying the multipliers for different policy levers and examining how monetary and fiscal policies might interact, and circumstances under which policy co-ordination would be optimal.

  • Monitoring the effects of COVID-19 on the economy

    Research on this topic will cover a broad range of questions to understand the likely medium to long-term effects of COVID-19 on the economy. The focus will be on those effects that are likely to matter most for the economy's productive capacity and our objectives. The research might also look at adapting our existing modelling framework to account for the effects of the pandemic.

  • Monetary policy frameworks

    Research on this topic will examine the implications of persistently low interest rates and growth with high asset prices and debt for the monetary policy framework. This will involve evaluating the current framework and considering the trade-offs involved in alternative frameworks (including issues associated with transitioning to any new frameworks).

  • The household sector and financial stability

    Research on this topic will consider the potential risks that current household debt levels might pose for economic activity and the financial system in the future. In addition to understanding the nature of any risks, research on this topic might also consider the most appropriate policy responses to address those risks.