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