Data
Use of centralised data services increases across institutions
Rise of central data teams has gone hand in hand with greater use of alternative data
Alternative data used at most central banks
Non-traditional data such as Google searches widely used to support research and forecasting
Chile’s Costa on tackling inflation, forex interventions and nowcasting
Chilean governor discusses stubbornly high prices, Fed spillovers, reserve buffers, retail CBDC and unconscious bias
PBoC pushes big techs to hand over user data, report says
Some tech firms are resisting order to supply information to PBoC-led credit-scoring firms
Research economists devote more working time to own projects
On average, own research works consume 25% of policy economists’ working time
Advanced economy institutions tend to produce more papers
Emerging market researchers averaged five papers a year in peer-reviewed journals
Research agenda determined across multiple levels
Governors and deputy governors give final sign-off on most research publications
Das outlines RBI’s post-Covid research reforms
Central bank has adopted “full information” system to capture economic dynamics
Majority of banks blend research and policy functions
Only one in five jurisdictions restructured economics unit in the past 12 months
Growth and inflation are top forecast indicators
More emerging markets forecast growth and inflation compared with the past year
Currency Benchmarks 2022 charts
Take a deep dive into the Currency Benchmarks charts, which have just been released for 2022
ECB joins ‘Gaia-X’ data and cloud network project
Initiative aims to build a European data ecosystem to boost “digital sovereignty”
Climate analysis likely understates risk, say FSB and NGFS
Study finds scenario analysis struggles to capture more complicated dynamics
BIS publishes database on bitcoin adopters
Evidence suggests speculation is key motive for holding bitcoin
Banknote volumes and values rose among most central banks
Most recent estimates show volume and value of circulating notes rising in 2022
Banks receive widely varying volumes of damaged cash
Central banks share data on values and volumes of mutilated currency
Most jurisdictions have not withdrawn denominations in past five years
Thirty-two central banks have an average of six denominations in circulation
Central bank boards most often make decisions on banknote imagery
Banknotes image types vary from recognised figures to natural phenomena
Majority of central banks have access-to-cash policies
More than two-fifths require a minimum level of cash services from banks
Counterfeit banknotes removed from circulation average $425,000
UV ink and intaglio printing are most common security features
Banknotes generally have at least one aid for visually impaired
Raised inks are most common feature, followed by making denominations different sizes
Few central banks use big data tools to forecast currency demand
Forecasting is very common, while few expect big changes in currency needs for 2023
US consumers may be listening more to Fed comms, researchers say
Consumer expectations becoming more informative and less sticky, survey data suggests