Economics benchmarks – the latest data and analysis
Economics
Economics Benchmarks 2024 report – making models work
The benchmarks this year include more granular details on key model design features
The past year has seen major reviews of central bank modelling frameworks, which have often found governance structures and model designs wanting. The benchmarks reveal that the most skilled staff spend around a quarter of their time on forecasting duties, though this varies widely across central banks. This year’s data also delves more deeply into the design of models, finding many of the more advanced features such as heterogeneous agents, non-linearities and wage-price spirals are relatively rare.
Charts
Key model elements
Former Fed chair Ben Bernanke urged the Bank of England to make several enhancements to its main forecast model in his 2024 review. Though the elements would add much realism to the model, benchmarking data shows that in most areas, his proposals are only in use at a handful of central banks.
To explore the data in more detail, use the benchmarking service’s interactive charts.
Model banks analysis – Economics 2024
Additional data breakdowns reveal patterns based on staffing and development
Economics data
View the full breakdown of responses to the Economics Benchmarks.
Previous years
Economics 2026
Economics 2024
Economics 2023
Economics 2022
Economics 2021
Economics 2020
Economics departments use multiple coding languages
More than half of central banks use five or more coding languages and tools
Geopolitics is fastest-rising research topic for economists
Research economists are most widely judged on their output of papers
Economists devote up to half of working hours to research
Higher-paid research economists tend to spend more time on own research
Dedicated data units widely used in economics departments
Teams make use of varied microdata in their work
Central banks predict growth more accurately than inflation
AI models may offer more precise forecasts
AI impact and usage growing in central bank economics departments
Regional variation exists, but adoption is increasing across the board
Most key projection models capture policy rates
But respondents rarely disclose policy rate forecasts alongside scenarios
Third of key models now employ endogenous financial sector
Multiple channels of monetary transmission rooted in majority models
Central banks complement traditional models with AI
Time series and semi-structural models remain economists’ choices for forecasting
Working paper production linked to number of PhD economists
Central banks averaged output of roughly 10 working papers last year
Third of economics departments say staffing ‘barely sufficient’
Forecasting, policy analysis and research are economists’ top duties
Economists’ average annual salary rises
Incomes have some relation with GDP per capita and central bank size