Monetary Policy 2022
Monetary Policy Benchmarks 2022 – presentation
Central Banking’s economics subject matter specialist Daniel Hinge discusses monetary policy after Covid-19
Monetary policy staff pay highest in advanced economy institutions
Staff in monetary operations tend to earn slightly less than policy colleagues
Monetary policy set a maximum of 12 times a year
Frequency of meetings highest on average in upper-middle income economies
Quarterly forecast updates are the norm at central banks
Forecasting tends to be a collaborative exercise between staff and policy-makers
Monetary policy press conferences more common than minutes
High income institutions trail behind middle income banks on minutes publication
Corridor system used by most central banks to set rates
But methods vary widely depending on policy target and tools such as quantitative easing
Monetary policy and ops divisions mostly segmented
Nine in 10 institutions separate units in the Americas, Asia and Europe
Covid impacting monetary policy most in middle income countries
Most central banks report shifting stance at the height of pandemic, but some have since reverted