Administrative data tops list as alternative data source
Research and forecasting remain key areas of application for central bank economists
Central bank economists’ top choice of alternative data source is administrative, the Economics Benchmarks 2023 reveals.
Most of the 33 participating institutions say they use multiple alternative data sources, but administrative data – data produced as a by-product of government services – is the most widely applied, at 27 (81.8%) central banks. This is followed by web scraping at 21 (63.6%) jurisdictions, which comes ahead of Google search trends at 20 (60.6%) countries.
In the 2022 benchmark
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Economics
Inflation and GDP growth forecast errors decrease further
Forecast errors used widely for key model adjustments
One in five main models has endogenous financial sector
Benchmark highlights array of methods central banks use to model financial sector
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