Small is beautiful but large is not to be belittled: Reply

We appreciate that the Italian central bank has been able to provide the requested information for our comparison of the research output of European central banks. Based on this information, the ranking of the Italian central bank improves considerably. Still, many small central banks have a better research performance than the Banca d'Italia and, after recomputation, our previous conclusion that "small is beautiful" is not compromised.

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