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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

Central banks continuously update their modelling frameworks, but the past year saw a surge in research interest in one particular area: the use of artificial intelligence. Overall, AI adoption in central bank economics departments is limited, but progress looks set to be much faster in the years ahead. The benchmarks also include data on staffing and salaries, economists’ qualifications, research time and output, economists’ use of data, and more.

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Research focus

After a year of inflation surprises, central banks are very focused on research into inflation dynamics – the topic received a score of 4.8 out of a possible 5 from respondents. The monetary transmission mechanism is also a major focus.

Other areas are generally less pressing. The impact of technology and artificial intelligence received a score of just 2.6 across the sample. However, lower-middle income central banks see the topic as much more important.

For the full breakdown, use the benchmarking service’s interactive charts to explore the data.

Explore interactive charts

Model banks analysis – Economics 2023

Data reveals differences in research, forecasting and data use across central banks

Economics Benchmark Data

Economics data

View the full breakdown of responses to the Economics Benchmarks.

Economics 2023
Economics 2022
Economics 2021
Economics 2020

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