Economics Benchmarks 2024 – model banks analysis
Additional data breakdowns reveal patterns based on staffing and development
The model banks analysis for economics this year underscores the wide gap between economics teams at the bigger advanced economy (AE) central banks and everyone else. The larger AE category has the most research and policy economists, with the highest salaries, and the greatest proportion of PhD-level economists. Across all these measures, larger AE central banks lead the other categories by a wide margin.
This seems to have a bearing on how these central banks analyse the economy. Larger AE
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More on Economics
Economics Benchmarks 2024 – executive summary
The benchmark drills into model design features as well as staffing, research and AI
Economics Benchmarks 2024 report – making models work
The benchmarks this year include more granular details on key model design features
Share of economics departments with data unit rises
Web scraping and administrative data are top alternative sources for economists
Heterogeneous agents and non-linearities rare in main models
Semi-structural models continue to be dominant choice of main forecast model at central banks
Economists commonly use AI for data analysis
Lower-middle income countries, Africa and Asia-Pacific report lower use of AI
Economists least likely to research impact of AI
Inflation dynamics retains position at top of the rankings
Peer-reviewed journals still top gauge for research impact
Smaller teams more likely to consider conference presentations as assessment tool
Inflation and GDP growth forecast errors decrease further
Forecast errors used widely for key model adjustments