Columbian paper on cb staff costs
This research paper by the Columbian central bank finds that a central banks' labour demand is strongly determined by the country's population, economic development level and changes in operative functions, as well as by staff costs.
These results are found using a short-term labour demand function for 66 central banks using a panel data model with random effects.
The researchers also find a low employment-wage elasticity, suggesting the presence of a flexible budgetary constraints for central
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