Posts tagged 'Charlie Bean'

Some early morning Bean on NGDP

It’s Charlie Bean, the Bank of England’s deputy governor for monetary policy, on nominal income targets. An old wine in a new bottle apparently, even if it is edging closer to the establishment.

Some excerpts (with our emphasis):

The question is: would outcomes have been materially better under an alternative framework, such as a nominal income target?

 Read more

Bean to British pensioners: ‘Just wear it’

Charlie Bean of the Bank of England (deputy governor, monetary policy) has been brave enough to visit Glasgow, telling the Scottish Council for Development and Industry about his quantitative and the economic outlook.

Beyond the colour of explaining how the same man who founded the Bank itself (William Paterson, in 1694) managed to half-ruin Scotland through a madcap Panamanian trade scheme and help force it into union with England, Bean touches on the oh-so-raw modern issue of British pensioners and other conservative savers having to pay a painfully direct price for the antics of our bankers. Read more

MPC still split in four directions

The minutes of the Bank of England’s MPC meeting in March released on Wednesday morning show that the committee lines up in exactly the same way as it did last month.

One member (Posen) wants to ease monetary policy, by increasing QE. Five members (King, Tucker, Fisher, Bean, Miles) voted for no change at all. Two members (Weale, Dale) voted for a 25 basis points increase in bank rate. And one member (Sentance) voted for a 50 basis point increase. Read more

Moving targets, QE edition

Here’s a significant development in the Bank of England’s quantitative easing, we think.

Charlie Bean, the Bank’s deputy governor for monetary policy, has just made a speech called “Quantitative easing: An interim report”, in which he rather moves the QE goal posts. The policy, we are now told, is not so much about getting banks to lend. It’s more about pushing up asset prices to repair banks’ balance sheets. Read more

The existential QE

Bank of England deputy governor Charlie Bean’s discussion on Tuesday of quantitative easing poses quite a few questions for the market.

Notably, if QE, the process of injecting liquidity into the financial system through direct central bank asset purchases, isn’t actually aimed at getting banks to lend, then what’s the point? Read more

The academic QE

Definition of 'academic' - The Free Dictionary

Today’s lesson in academic quantitative easing, then, comes courtesy of Bank of England deputy governor Charlie Bean: Read more

If a central banker screams in a forest….

Ben Bernanke has penned an op-ed for the Wall Street Journal on how exactly he proposes the US central bank will withdraw from quantitative easing in time to stave off an undesirable amount of inflation.

Here’s a taster: Read more

Mr Bean on tour

Charlie Bean, the  Deputy Governor for Monetary Policy at the Bank of England, is undertaking a seven-day tour of Britain, starting on 13 July. The plan is to visit 14 towns and cities – explaining quantitative easing as he goes.

Here’s the pamphlet Mr Bean will be distributing across the land: Read more

Bean wins Bank of England post

Charlie Bean, the Bank of England’s chief economist, is to get the job of Bank deputy governor to replace Rachel Lomax, signalling a victory for Bank governor Mervyn King, reports The Times. It follows a battle with the Treasury over whether the job should have been given to a financial-stability expert following the Northern Rock debacle. Bean will be confirmed in the job within the next two weeks. Alistair Darling, the chancellor, is to address the City’s annual Mansion House dinner on June 18 and may formally announce the move then. Paul Tucker, the Bank’s executive director for markets, was the other main internal candidate.