Economics Benchmarks 2021 – presentation
Central Banking’s economics subject matter specialist Daniel Hinge on economics governance, modelling, forecasts and research
Central bank economics departments have been working to adapt to impact of the Covid-19 pandemic, which has reshaped the global economy.
This year’s economics benchmark reflects that impact, for instance in the higher errors central banks recorded on average in their growth forecasts. Errors were 2.2 percentage points in advanced economies and 2.9pp in emerging markets. However, inflation errors in our sample were lower than last year – 0.3 percentage points for advanced economies and 0.7pp for
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More on Economics
Central banks published fewer working papers and articles in 2023
Middle income and low income central banks published less
Time series and semi-structural models widely applied
High income countries more likely to use AI than peers from other income levels
Economic growth and inflation remain most forecast indicators
But year-on-year data show rising priority for exchange rates
Economics Benchmarks 2024 Charts
Take a deep dive into the Economics Benchmarks charts, which have just been released for 2024.
Policy analysis takes most of PhD economists’ time
Other tasks consume just a quarter of their official hours
Two-thirds of central banks forecast policy rate in main models
But relatively few make their rate forecasts public
Economists’ median salary falls below $30,000 a year
Annual budget of economics departments averages under $1 million
Policy economists outnumber research colleagues
Economics FTE staff make up 4% of central banks’ overall employees, on average