Monetary policy pay
Various factors seem to contribute to salary levels in monetary policy departments. Inflation targeting central banks (and those with joint targets) tend to pay more, possibly a sign of higher demand for analytical skills in preparing policy decisions. Richer nations also pay more, in line with other benchmarks. However, size seems not to matter. There is only a weak correlation between total staff numbers and monetary policy salaries.
For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
Candidate has promised to abolish central bank and encourage dollarisation
Central banks are becoming aware that monetary operations have ramifications beyond setting short-term rates
Key findings of the 2023 benchmark, including policy tools, governance structures and operating frameworks
Benchmark data highlights ongoing evolution in policy frameworks as central banks move beyond the pandemic – and into the high-inflation period
Average central bank publishes minutes around two weeks after a policy decision
AE respondents remain much more likely to employ the practice
Minority of central banks say they organise zero press conferences
Final decision on projections jointly taken by policy-makers and staff in most jurisdictions
European institutions and advanced economy central banks tend to have highest number of staff
Salaries tend to rise with GDP per capita but less developed economies pay larger multiples
Proportion of central banks revealing voting information with a lag creeps up
Institutions from Africa tend to release fewer publications