Monetary policy
Monetary Policy Benchmarks 2024 report – back to normality?
Data reveals trends in use of policy tools as well as operating frameworks and communications
Inflation is trending down worldwide, supply disruptions have eased, and fears over widespread geopolitical instability have not yet been realised. This stabilisation is reflected in the Monetary Policy Benchmarks 2024. The share of central banks with asset purchase programmes has come down from its pandemic-era peak. Targeted liquidity facilities are also being wound down in many jurisdictions. More broadly, the benchmarks reveal some slow-moving trends in how central banks organise their monetary policy function.
Charts
Under review
All but one of the benchmark respondents conduct reviews of their monetary policy framework, but the frequency varies widely. Worldwide, 43.6% conduct the reviews on an ad hoc basis. Central banks in high and upper-middle income countries are more likely to conduct reviews every four years, or less frequently. Lower-middle and low income jurisdictions tend to review their frameworks more, often every year.
For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
Model banks analysis – Monetary Policy 2024
Further breakdowns of the data reveal patterns in staffing, liquidity tools and transparency
Monetary policy data
View the full breakdown of responses to the Monetary policy Benchmarks.
Previous years
Monetary Policy 2024
Monetary Policy 2023
Monetary Policy 2022
Monetary Policy 2021
How (not) to review your monetary policy framework
The Fed made some mistakes in its last strategy review. As it prepares to have another go, it could learn from other central banks
Monetary Policy Benchmarks 2024 – model banks analysis
Further breakdowns of the data reveal patterns in staffing, liquidity tools and transparency
Monetary Policy Benchmarks 2024 – executive summary
Key findings from the benchmark on policy tools, liquidity facilities, transparency and more
Monetary Policy Benchmarks 2024 report – back to normality?
Data reveals trends in use of policy tools as well as operating frameworks and communications
Quarter of central banks use tiered reserves remuneration
Corridor systems remain most common method of setting short-term interest rate
Minutes released with greatest lag in lower-middle income countries
Blackout period lasts seven days in most central banks
Money-supply targetters account for lowest frequency of policy meetings
Upper-middle income central banks set policy and publish reports at highest frequency
Middle income monetary policy staff salaries fall behind peers
Officials in Europe and Africa tend to earn highest average annual income
MPCs largest in inflation-targeting central banks
Government reps attend meetings in two-thirds of jurisdictions with other regimes
Monetary policy budget averages under $2 million annually
Budgets larger in high income, upper-middle income central banks
Briefing, analysis and research are monetary policy officials’ top duties
Average departmental staff remains below 40 persons
Half of central banks use forecast errors to assess policy impact
Surveys of expectations widely used but surveys of trust and understanding are less common