Tag Archives: Andy Haldane
Do central banks rely too much on economists?
If economics is likened to a religion it is easy to see how it may be viewed as dangerous. It may blind its devotees to the claims of competing world-views. If economists arrogantly claim that their special insight gives them the right to prescribe policy, it may provide spurious legitimacy for harmful actions. It may lead…
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Haldane , Rajan on the future of central banking
In his contribution to Central Banking’s 25th anniversary issue, Andrew Haldane, chief economist of the Bank of England, describes the “giant steps” that central banks have taken to “reinvent” themselves post crisis. These have involved innovations not only in monetary policies and in market operations but also the development of macro-prudential policies. Central bankers…
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Regulation at a dead end
Last week Charles Goodhart uttered what I called his cry of despair (See RP’s Diary 13/01/13); now it is BOE’s Andy Haldane’s turn. Goodhart has realised that we are running out of monetary policy models – rules or frameworks like inflation targeting (IT) by which central banks steer interest rate policies. He warns of…
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Banish Europe’s banking ghosts
The discussion about the need for a ‘banking union’ in the Euro area needs to focus on the key issues, just as does the debate on the euro crisis as a whole. What matters in deciding whether to assist a country to stay in the euro is its political will to reform. The test is…
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