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Tag Archives: Mark Carney

10-Year retrospective: Lesson 3

Gradually, inch by painful inch, the central bankers are losing their clothes – the comforting ideology that has enveloped them like a warm garment for more than a generation. This is the ideology, or “regime”, of central bank independence and inflation targeting (CBI+IT). Oh, how shy they are! Look how they hold onto any scraps!…
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10-Year retrospective: Lesson 2

A leading economist has predicted that central banks will  not remain independent much longer. His forecast was made  at  a Bank of England conference called to celebrate – yes – 20 years of independence. Guests included Mrs Theresa May, the Prime Minster. It was opened by the Governor, Mark Carney, who drew a different, but…
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My take on Mr Carney

I have written elsewhere about Mr Carney’s first 5 months (subscription) at the Bank of England. I showed that in terms of the goals he was set by the UK Treasury (both those stated and those unstated but implicit in his appointment), he has made remarkable progress – with luck playing a part. The UK economy has…
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Carney rules

    Interviewed by Anna Edwards on Bloomberg TV this morning (July 17), before the minutes of the MPC’s July 4 meeting were released (my segment starts 5 minutes into the clip), I said that Mark Carney would want the new Bank of England to speak with a clear, single, voice. I said that this…
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Goodhart’s cry of despair

Five years after the international banking system fell into the arms of the central banks and governments, there is still a paralysing uncertainty about the extent and cost of regulation, the viability of banking models and the monetary policy regime.   More about financial regulation and banking models in future columns. Now let us look…
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The New Bank of England

    A well-informed correspondent, who did not want to be identified, predicts a full “spring clean”: “ I’m inclined to think Carney’s denial of interest (in becoming Governor) was genuine rather than a negotiation tactic like Napoleon’s thrice refusal of the title of emperor.  However the denial of interest may have been based on…
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