Economics 2020
Financial sector still a headache for central bank modellers
Macro-financial links are difficult to integrate into key models. But some central banks are making breakthroughs
Size matters for central bank research publishing
Staff numbers have strongest association with central banks’ research output
Economics Benchmarks 2020 report – new insights on research, policy and statistics
Benchmarking data sheds light on governance, salaries, forecasting, research, publications and more
Administrative data is most popular alternative data source
Central banks make use of a wide range of non-traditional data sources
Central banks use alt data mainly for research
Almost all respondents make use of alternative data in at least one application
Economists earn more than number-crunchers at central banks
On average, statisticians take home 88% of what economists earn
High-income central banks offer more training for economists
Over 52% sponsor economics/statistics staff to undertake PhDs; 100% sponsor other training
Few central banks forecast policy rates
Economics Benchmarks 2020 highlights wide variation in variables forecast by central banks
Central banks rotate economics staff frequently
Economists typically spend only small portion of time on own research; opportunities for secondment abound
Advanced economies employ greater share of PhD economists
But both advanced- and emerging-economy central banks devote similar staffing to research
Central banks play key role in sourcing and sharing data
Institutions gather data from many sources and most share it with external researchers
Climate change on the agenda for most economics departments
Central banks explore a wide range of topics, with some differences between advanced economies and EMEs
Few central banks collaborate with private-sector researchers
Collaborations are common with academia, especially in advanced economies
Agent-based models remain rare among economics departments
Economics Benchmarks 2020 highlights the varied applications of different model types at central banks
Forecast errors marginally higher for growth than inflation
Data shows contrast between advanced and emerging economies
Income levels have little bearing on economics staffing
European central banks have on average more staff in statistics; non-European institutions have more research economists
Central banks tend to mix research with policy functions
Institutions deploy a wide range of different governance frameworks when it comes to research
Semi-structural models are the forecast weapon of choice
Flexible modelling approach comes out on top; around half of central banks include a financial sector