Benchmarking
Central banks average 11 working papers over the past year
Just over a quarter of central banks run research blogs
Central banks prioritise inflation dynamics research
Middle income institutions tend to have much widest research interests
Time series model is top tool for forecasting and research
Use of machine learning models for research purposes surges year on year
Economic growth and inflation are most-forecast variables
Private debt, commodity prices and market interest rates rank as laggards
Most new economic staff hired as fresh graduates
Recruits from private sector, academia make up smaller portion of new hires
Proportion of central bank economists with PhD rises
Central banks split on funding economic staff with PhD aspirations
Currency Benchmarks 2023 – model banks analysis
Data reveals how advanced and emerging market central banks structure their currency operations
Median salary of central bank economists rises as inflation bites
Income remains less aligned with GDP per capita of participating countries
Economics department staff total just over 70 on average
Average number of research economists remains smaller than policy economists
AI adoption still limited among central bank economists
High income countries report slightly higher impact but most say practical use of AI is minimal
Fixed income factor portfolios for institutional investors
Invesco addresses the concerns of large institutional investors investing in the corporate bond market, covering key metrics when evaluating strategies for inclusion in portfolios, and the strength of fixed income factor investing in the corporate bond…
Currency Benchmarks 2023 report – steady as they go
Data hints cash is slowly changing from payment method to store of value
Middle income countries recall highest volume of worn banknotes
High income jurisdictions remove notes with the highest average value
Banknote recycling remains limited at most central banks
Just a few institutions track carbon footprints of banknotes
Corridor, floor, other: are operating frameworks fit for the future?
Central banks are becoming uncomfortably aware that monetary operations have ramifications well beyond setting short-term rates
Banknotes rarely portray current monarchs or presidents
Central banks favour other historical figures, but few institutions feature people from minority groups
Central banks tend to outsource banknote printing
De La Rue is most commonly used printer among respondents
Most central banks forecast currency demand over 1–3 years
Minority of institutions use big data for forecasting purposes
Fewer than 100 staff work in currency divisions on average
Duties including upholding Covid-19 countermeasures in some jurisdictions
Average value of counterfeit banknotes rises
UV ink the most common security tool used in battle against fake banknotes
Polymer adoption stalls in 2023
Only two benchmark respondents have concrete plans to change substrate
Central banks maintain average of four cash centres
Figure has remained stable for the last five years
Slightly more central banks have access-to-cash policies
Almost two-thirds of respondents have access policies and nearly half minimum service rules
Majority of central banks maintain currency denominations
Only a few countries removed denominations from active circulation in past five years