Economics
Larger research teams tend to publish more
Central banks with bigger teams report greater publishing volumes, but variation remains
Advanced economies draw on wider range of models
DSGE models and newer techniques more common at advanced economy central banks
US inflation reaches new peak
CPI figure hits 6.8%, the highest rate in nearly four decades
Quarterly forecast updates predominate
Frequency of forecasts varies more widely in emerging markets
Labour market changes key to inflation – BIS’s Shin
Central banks may face “race against time” to prevent wage-price spiral, says Hyun Song Shin
Data services centralised at minority of central banks
Central data governance and technology services used by three in 10 central banks
BdF paper looks at use of capital controls and foreign reserves
Many countries combine both to moderate effects of international capital flows
Alternative data fuels central bank research
Important research areas include monetary transmission, exchange rates, digitisation, SMEs and climate change, against the backdrop of Covid
Pandemic spurred use of alternative data
Advanced and emerging market economies prioritise different applications
Unemployment forecast by minority of emerging market economy nations
Data highlights differences based on local economic circumstances
One in five central bank economists have a PhD
Central banks in Africa lag behind peers in sponsoring PhD programmes
Eurozone officials call for major fiscal changes
Stability and Growth Pact is hampering policy, speakers at ECB conference argue
Covid-19 causes bigger growth forecast errors
But central banks perform better at forecasting inflation
Eurozone unemployment declines to 7.3%
Youth unemployment rate also falls but is much higher at 15.9%
Economist salaries outpace GDP per capita
Salaries were six times higher than GDP per capita, on average
Eurozone QE helped increase R&D spending, paper finds
Firms that had bonds bought by the ECB increased R&D spending by 9% on average
Policy economists outnumber research economists
Central banks with their own pure research departments tend to employ more policy economists
Podcast: central banks’ data models going granular
Vizor Software’s chief technology officer, Ryan Flood, provides an update on changes to central banks’ regulatory data models
Eurozone inflation hits record high of 4.9%
ECB expected to clarify the future of its stimulus programme on December 16
Nearly 40% of central banks have financial sector in main forecast model
Semi-structural models remain favoured option for producing key forecasts
German inflation reaches 5.2% in November
ECB’s Schnabel says inflation will peak this month and will decline towards 2% target in 2022
Economists tend to perform both policy and research duties
Only around a quarter of economics departments have a pure research function
Brazilian inflation may be stabilising – official data
Mid-November inflation reading was unchanged from October as rate of food price increases slows
House prices rising at fastest rate since global crisis – BIS stats
Advanced economies see sharpest average increase, but India records largest cumulative rise