Monetary Policy Benchmarks 2023 – executive summary
Key findings of the 2023 benchmark, including policy tools, governance structures and operating frameworks
The stimulus central banks launched to tackle the Covid-19 crisis now seems far in the past. For well over a year, most central banks around the world have been combatting the effects of excess demand, which has overshot supply all the more due to the series of shocks that have hit the world economy. There are signs in many jurisdictions that inflation may have peaked, but most are still firmly in tightening mode.
Some of this change in emphasis can be observed in the Monetary Policy
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Advanced economies more likely to publish minutes
Average central bank publishes minutes around two weeks after a policy decision
Proportion of central banks observing blackout period rises
AE respondents remain much more likely to employ the practice
Monetary policy press conferences held four times a year on average
Minority of central banks say they organise zero press conferences
Central banks average four forecast updates a year
Final decision on projections jointly taken by policy-makers and staff in most jurisdictions
Monetary policy staff numbers average below 40
European institutions and advanced economy central banks tend to have highest number of staff