Latest benchmarking
Economics Benchmarks 2024 report – making models work
The past year has seen major reviews of central bank modelling frameworks, which have often found governance structures and model designs wanting. The benchmarks reveal that the most skilled staff spend around a quarter of their time on forecasting duties, though this varies widely across central banks. This year’s data also delves more deeply into the design of models, finding many of the more advanced features such as heterogeneous agents, non-linearities and wage-price spirals are relatively rare.
Economics Benchmarks 2024 – model banks analysis
Additional data breakdowns reveal patterns based on staffing and development
Economics Benchmarks 2024 – executive summary
The benchmark drills into model design features as well as staffing, research and AI
Benchmarking
Peer-reviewed journals still top gauge for research impact
Smaller teams more likely to consider conference presentations as assessment tool
Share of economics departments with data unit rises
Web scraping and administrative data are top alternative sources for economists
Inter-bank working groups
Facilitating connections between central bankers across the globe to promote the exchange of expertise and support collaboration.
Upcoming meetings include: Cyber risk management, social media in communications and upgrading forecast models.
Model banks
Economics Benchmarks 2024 – model banks analysis
Currency Benchmarks 2024 – model banks analysis
Reserve Benchmarks 2024 – model banks analysis
Financial Stability Benchmarks 2024 – model banks analysis
Monetary Policy Benchmarks 2024 – model banks analysis
Payments Benchmarks 2024 – model banks analysis
Communications Benchmarks 2024 – model banks analysis
Governance Benchmarks 2024 – model banks analysis
Fintech Benchmarks 2024 – model banks analysis
Risk Management Benchmarks 2024 – model banks analysis
Economics Benchmarks 2023 – model banks analysis
Currency Benchmarks 2023 – model banks analysis
Charts
Key model elements
Former Fed chair Ben Bernanke urged the Bank of England to make several enhancements to its main forecast model in his 2024 review. Though the elements would add much realism to the model, benchmarking data shows that in most areas, his proposals are only in use at a handful of central banks.
To explore the data in more detail, use the benchmarking service’s interactive charts.
Reports
Economics Benchmarks 2024 report – making models work
Currency Benchmarks 2024 report – securing cash payments
Reserve Benchmarks 2024 report – the challenge of diversification
Financial Stability Benchmarks 2024 report – seeking sounder banks
Monetary Policy Benchmarks 2024 report – back to normality?
Payments Benchmarks 2024 report – towards tokenisation
Communications Benchmarks 2024 report – emerging trends
Governance Benchmarks 2024 report – central banks’ core processes
Fintech Benchmarks 2024 report – the promise and threat of AI
Risk Management Benchmarks 2024 report – tech and turbulence
Economics Benchmarks 2023 report – tentative steps on AI
Currency Benchmarks 2023 report – steady as they go
Benchmarks
Communications
Currency
Economics
Financial Stability
Fintech
Governance
Monetary Policy
Payments
Reserves
Risk Management
Economists commonly use AI for data analysis
Lower-middle income countries, Africa and Asia-Pacific report lower use of AI
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