Oritani (2010) analyzes the governance and organization of a central bank using the institutional economics. 6  BIS Review 72/2010  The first aspect in the central bank culture is banking operations. A central bank is not just an ivory tower to discuss the macroeconomy and the financial system in an abstract manner.
Rather, a central bank itself is a bank, which implements policy actions through banking operations, as in the case of monetary policy as well as a lender of last resort. Those operations require wide-ranging operational knowledge, such as collateral haircut setting, counterparty selection, payment and settlement of funds and securities, and debt-collection from failed financial institutions.