Apart from theoretical foundations, academia provides guidance in the conduct of policy, both in terms of research inputs in collaborative work and in terms of participation in decision making process.
While academics are often on the boards or committees of central banks, it is not uncommon for the Governors to be drawn from the academia – the current well known examples, to mention a few, are Professors Ben Bernanke in USA; Mervin King in UK, Axel Weber in Germany, Stanley Fischer in Israel and, of course, Professor Bheenick in Mauritius.