Charles Goodhart
High US inflation should not be ruled out
A prolonged health crisis raises the risk that supply-side factors, monetary expansion and rising personal savings could stoke hidden inflationary pressures
The ECB, the lockdown and the monetary financing lock
The eurozone’s central bank may need to break its prohibition on monetary financing to fight the pandemic
Paul Volcker, 1927–2019
The Fed chair made his name battling inflation, and left his mark on independence and post-crisis financial regulations
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
The future of balance sheet policies
Central banks are expected to resort to a range of balance sheet activities to fight the next downturn. William Towning investigates what tactics they may deploy
Fed’s floor could be ‘junked’ if credit surges – Goodhart
Credit demand and plentiful liquidity could be potent inflationary mix, Charles Goodhart says
Powell hints at long-term goals for Fed balance sheet
Proposed reserves buffer is more than enough, Charles Goodhart says
Report proposes mandating BoE to target productivity growth
UK opposition says BoE should not have to rely on interest rates to lower inflation; 3% productivity target would help push prices down, report says
Remembering Charles Freeland
Charles Freeland, former deputy secretary-general of the Basel Committee and friend of Central Banking, died in 2017
Google’s Hal Varian on how technology is changing economics
Google’s chief economist talks to Christopher Jeffery about how big data and machine learning are facilitating changes in economic thinking; discusses the impact technical breakthroughs may have for central banks
The optimal size for central bank balance sheets
As the Fed seeks to reduce the assets on its balance sheets, Charles Goodhart examines the role between monetary and fiscal policy, central bank and debt office, and the optimal size of a central bank’s balance sheet
John Williams on the neutral rate of interest and mandate change
The president of the Federal Reserve Bank of San Francisco speaks about the plunge in the natural rate of interest, and why it means central banks should work together to review their price stability targets
Goodhart and Pradhan: demographics will reverse ‘multi-decade’ trends
Ageing population is likely to put upward pressure on real interest rates and inflation, and push down inequality, economists say
Brexit pain may be coming – panel
Former Bank of England officials warn of fading consumer spending and investment
Climbing ‘Mount Economy’
The BIS’s quest for financial stability-oriented monetary policy throws up questions not only about decision-making but also how one should think about economics, as Claudio Borio explains
BoE seen as ‘boxed in’ ahead of MPC vote
Forward guidance from MPC members has laid the ground work for a rate cut or other form of easing; even if the effect of a cut is minimal, a hold decision would be worse, says former committee member
Central banks struggling to exit ‘confused period’, economists say
The financial crisis forced a regime change on central banks, raising challenges to independence, analysis and policy tools, which have yet to be fully resolved, say panellists in Brussels
The MPC process in light of the Warsh Review
The Bank of England’s revised MPC meeting schedule has some merits but will not add to transparency and raises the risk of news shocks, writes former member Charles Goodhart
Poll: Should inflation targets be scrapped?
As advanced economies battle low inflation and interest rates remain constrained by the ZLB, should central banks rethink monetary policy orthodoxy?
Central bankers insist rates are staying put as BIS faces ‘loss of credibility'
Haldane says risk 'migration' could create a more robust financial system; Yellen, Draghi and Cunliffe believe monetary tightening would be the wrong way to turn
Former BoE staff clash over reserves accounting in Central Banking debate
Central Banking On Air debate panellists Charles Goodhart and Tim Young clash over the relevance of mark-to-market accounting for central bank reserves
BIS calls for monetary tightening not heeded by major central banks
The BIS's latest annual report voices the private concerns of the world’s leading central bankers. But it falls short on action that will hold national governments to task
UK economy near escape velocity already, say ex-MPC members
Former BoE deputy governor John Gieve believes Mark Carney may use macro-prudential policy to boost the UK economy; Charles Goodhart argues ‘help to buy' scheme will promote lending to SMEs
Goodhart argues bail-outs are better than bail-ins
LSE panel highlights unintended consequences of new regulation, in areas including bail-ins, capital requirements and banking separation; Charles Goodhart says investors will not buy bail-inable debt