Adair Turner
Central banking enters a new era
‘Monetary financing’ and ‘buyer of last resort’ traps lie in wait
Fixing the banks is not enough – Adair Turner
Robust banks can supply credit but the real damage from financial crisis is caused by lack of credit demand, former FSA chief says
Fed paper warns on helicopter money risks
Tool appears much less powerful when less realistic elements of the New Keynesian framework are removed; other options could work better, authors say
Helicopters bearing gifts
As QE and negative rates run out of room, helicopter money could be a last resort for overstretched central banks. But its detractors say the cost of its use could be very high
Helicopter money still contentious as Borio enters debate
Article by Claudio Borio and others claims helicopter money means giving up on monetary policy for ever, but economists such as Adair Turner and John Muellbauer question the result
Book notes: Between debt and the devil, by Adair Turner
Adair Turner offers a lively and well-structured account of his proposals to radically overhaul the financial sector
Michael Woodford backs combining nominal GDP and inflation target
Leading monetary policy theorist advocates immediate fiscal transfer to the public, funded by central bank purchase of government debt, coupled with adoption of nominal GDP target
UK regulators back tough action on banking sector competition
FSA and FCA chiefs say new regulators will try to reduce banking sector concentration, including potentially breaking up large banks; Wheatley warns PRA and FCA may not see eye-to-eye on the matter
UK’s Turner says financial fragmentation may not be a bad thing
Chairman of UK FSA says restrictions to cross-border financial flows have important benefits that should be weighed against costs
UK’s Adair Turner advocates stimulus by ‘helicopter money’
Chairman of the UK’s Financial Services Authority says there are circumstances where monetary financing of government deficits is justified, calling for more serious discussion of the topic
BoE’s Bailey says stronger internal governance needed
Andrew Bailey says central bank’s court must hold people to account and be accountable itself; warns of strong banking lobby against ring-fencing plans
FSA’s Turner warns emerging markets not to repeat West’s mistakes
UK Financial Services Authority head warns public officials in emerging markets to beware bank lobby groups and their story of the limitless benefits of finance
UK needs ‘innovative’ policy levers beyond price stability, says FSA’s Turner
Adair Turner blasts past regulatory failings and says UK must now turn to ‘innovative and unconventional’ policies; remains a leading contender for Bank of England governorship
Robert Pringle’s Viewpoint: The next governor of the Bank
British bank scandals have dramatically reduced the likelihood of a commercial banker taking over from Mervyn King as governor of the Bank of England. But there are still plenty of other candidates
UK FSA chairman slams past regulatory mistakes
Adair Turner highlights ‘dangerous institutional underlap’ prior to financial crisis; sets out steps to improve regulation, but says bank management must also change
King calls for overhaul of UK banking system
Governor of the Bank of England says cultures of investment and retail banking operations do not mix; calls on government to legislate on all of Independent Commission on Banking’s recommendations
New members admitted to BoE Court
Queen of England approves government recommendations; Bradley Fried, Tim Frost and Dave Prentis become non-executive directors of the Bank of England
Have your say on the next governor of the BoE
CentralBanking.com is running a poll asking about the credentials Mervyn King’s successor should possess
FSA’s Turner outlines reforms needed in eurozone
Adair Turner sets out reforms necessary for eurozone stability; calls for creation of euro bonds and greater fiscal integration
Turner warns of capital requirements dilemma
FSA chair Adair Turner insists on the consideration of counter-cyclical macro-prudential policies in the run-up to regulatory structure overhaul
FSA’s Turner considers more active role for macroprudential policy
Financial Services Authority chairman Adair Turner says new macroprudential policy tools could play a more active role in ensuring socially optimal level of credit in economy