Economics Benchmarks 2023 report – tentative steps on AI
The benchmarks show some small steps to increase AI use, and shed light on broader reforms to modelling, governance and more
View a printable version of this report in PDF format
Central bank economics departments continue to face enormous challenges. The immediate shocks from the pandemic and Russia’s invasion of Ukraine may have passed, but central banks must now navigate the turbulent aftermath. As economies begin to return to a semblance of normality, uncertainty remains high.
Benchmarking data shows inflation forecast errors have fallen, after forecasts went off target during the 2022 spike in inflation. Indeed
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More on Economics
Economics Benchmarks 2023 – model banks analysis
Data reveals differences in research, forecasting and data use across central banks
Central banks adapt forecasts with financial sector and other changes
Host of changes to modelling incorporate financial channels, nuanced expectations and more
Inflation forecast errors moderate after surge in 2022
But growth forecast errors are higher in 2023, data shows
High income central banks allocate most time to research
Research economists are more numerous and are allotted more research time in high income jurisdictions
Administrative data tops list as alternative data source
Research and forecasting remain key areas of application for central bank economists
Economists’ rate of access to centralised data services still below par
Central banks in high-income jurisdictions still have more access
Most heads of research are responsible for sign-off on research
Peer-reviewed papers remain most-used metric for measuring research success
Central banks average 11 working papers over the past year
Just over a quarter of central banks run research blogs
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