Monetary policy
Monetary Policy Benchmarks 2023 report – navigating uncertainty
Benchmark data highlights ongoing evolution in policy frameworks as central banks move beyond the pandemic – and into the high-inflation period
For well over a year now, most central banks around the world have been combatting higher inflation. This change in emphasis can be seen in the continued decline in the use of asset purchase programmes. The benchmarking data sheds light on the staff and decision-makers that determine policy, the tools and operating frameworks central banks use, and how monetary policy decisions are communicated.
Charts
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.
Monetary policy data
View the full breakdown of responses to the Monetary policy Benchmarks.
Previous years
Monetary Policy 2023
Monetary Policy 2022
Monetary Policy 2021
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Monetary Policy Benchmarks 2023 – executive summary
Key findings of the 2023 benchmark, including policy tools, governance structures and operating frameworks
Monetary Policy Benchmarks 2023 report – navigating uncertainty
Benchmark data highlights ongoing evolution in policy frameworks as central banks move beyond the pandemic – and into the high-inflation period
Advanced economies more likely to publish minutes
Average central bank publishes minutes around two weeks after a policy decision
Proportion of central banks observing blackout period rises
AE respondents remain much more likely to employ the practice
Monetary policy press conferences held four times a year on average
Minority of central banks say they organise zero press conferences
Central banks average four forecast updates a year
Final decision on projections jointly taken by policy-makers and staff in most jurisdictions
Monetary policy staff numbers average below 40
European institutions and advanced economy central banks tend to have highest number of staff
Inflation targeters tend to pay monetary policy staff more
Salaries tend to rise with GDP per capita but less developed economies pay larger multiples
Confidentiality of policy votes remains common practice
Proportion of central banks revealing voting information with a lag creeps up
Monetary policy reports usually published four times annually
Institutions from Africa tend to release fewer publications