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Board Report: 2021-MO-B-001 February 24, 2021

The Board Economics Divisions Can Enhance Some of Their Planning Processes for Economic Analysis

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The Board has four divisions that conduct economic analysis and independent research that support the Board's monetary policy goals established by Congress: maximum employment, stable prices, and moderate long-term interest rates. We evaluated the effectiveness of these divisions' planning processes.

The planning processes vary by division, and certain practices align with those of our benchmark organizations and other central banks or international banking organizations. The economics divisions can make enhancements by considering ways to improve transparency, communication, and monitoring. The divisions' continuous improvement efforts can also benefit from a more structured approach to sharing processes and supporting practices with each other.

This report contains recommendations.