Giving Guidance On Future Monetary Policy In A Very Uncertain World

Contributor(s): Professor David Miles, Professor Charles Goodhart | MPC member, David Miles will explore the paradox of giving guidance on the course of monetary policy in an uncertain economic environment and consider the subsequent lessons for setting policy. Professor David Miles joined the Monetary Policy Committee at the Bank of England in June 2009. He is also a professor at Imperial College, London where he was formerly head of the Financial Economics department. As an economist he has focused on the interaction between financial markets and the wider economy. He was Chief UK Economist at Morgan Stanley from October 2004 to May 2009. He has been a specialist economic advisor to the Treasury Select Committee. In Budget 2003, the Chancellor commissioned Professor Miles to lead a review of the UK mortgage market. The result, published at Budget 2004, was the report: "The UK mortgage market: taking a longer-term view". He is a council member of the Royal Economic Society, a research fellow of the Centre for Economic Policy Research and at the CESIFO research institute in Munich. He is a former editor of Fiscal Studies. He was re-appointed by the Chancellor of the Exchequer for a second term on the MPC in February 2012 . His second term will run until May 2015. Charles Goodhart, is Emeritus Professor of Banking and Finance with the Financial Markets Group at the London School of Economics, having previously, 1987-2005, been its Deputy Director. Until his retirement in 2002, he had been the Norman Sosnow Professor of Banking and Finance at LSE since 1985. Before then, he had worked at the Bank of England for seventeen years as a monetary adviser, becoming a Chief Adviser in 1980. In 1997 he was appointed one of the outside independent members of the Bank of England's new Monetary Policy Committee until May 2000. Wouter den Haan is Professor of Economics at the London School of Economics and Political Science and co-director of the Centre for Macroeconomics at LSE. The Financial Markets Group Research Centre (FMG) at LSE (@FMG_LSE) is one of the leading European centres for academic research into financial markets and is a focal point for research communication with the business, policy making, and academic finance communities. The Systemic Risk Centre (@LSE_SRC) investigates the risks that may trigger the next financial crisis and develops practical tools to help policy-makers and private institutions become better prepared. The Centre For Macroeconomics (@CFMUK) brings together world-class experts to carry out pioneering research on the global economic crisis and to help design policies that alleviate it. Credits: Tom Sturdy (Audio Post-Production), LSE AV Services (Audio Recording).