Economics Benchmarks 2022 report – evolving models

A year of intense volatility, set off by Russia’s invasion of Ukraine, has posed major challenges to central bank economics departments. Many reported implementing changes to their governance structures, modelling frameworks and data collection. Several institutions, particularly in Europe, said they had adapted models to reflect energy price shocks. Meanwhile, as the Economics Benchmarks enter their third year, some longer-term trends and regularities have started to emerge.

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