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• Chapter | Renewing our Monetary Vows: Open Letters to the Governor of the Bank of England | 2019

  Monetary Policy—‘Whatever It Takes within Our (New?) Mandate’

  Huw Pill

  This paper discusses whether the UK's monetary policy framework needs to be reviewed in the light of experience during and in the aftermath of the global financial crisis. It concludes that, while the inflation targeting framework has generally proved robust, the Bank of England's monetary policy strategy needs to be updated along two dimensions: (1) to better reflect the accumulation of monetary, financial, and macroeconomic imbalances that have implications for inflation at longer horizons than the two-year forecast horizon upon which inflation targeting central banks typically focus and (2) to introduce limits to the use of quasi-fiscal balance sheet measures by central banks so as to maintain the credibility, independence, and effectiveness of monetary policy.

  Keywords: monetary policy; Money; Policy; United Kingdom;

  Citation:

  Pill, Huw. "Monetary Policy—‘Whatever It Takes within Our (New?) Mandate’." Chap. 3 in Renewing our Monetary Vows: Open Letters to the Governor of the Bank of England, edited by Richard Barwell and Jagjit Chadha, 35–52. London: National Institute of Economic and Social Research (NIESR), 2019.  View Details

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• Comment | Banking Disrupted? Financial Intermediation in an Era of Transformational Technology | 2019

  The Future of Banking

  Huw Pill

  Citation:

  Pill, Huw. Comment on "The Future of Banking." Banking Disrupted? Financial Intermediation in an Era of Transformational Technology. No. 22, edited by K. Petralia, T. Philippon, T. Rice, and N. Véron. Geneva Reports on the World Economy. London: Centre for Economic Policy Research (CEPR), 2019.  View Details

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• Comment | And Yet It Moves: Inflation and the Great Recession | 2017

  And Yet It Moves: Inflation and the Great Recession

  Huw Pill

  Citation:

  Pill, Huw. Comment on "And Yet It Moves: Inflation and the Great Recession." And Yet It Moves: Inflation and the Great Recession. No. 19, edited by D. Miles, U. Panizza, R. Reis, and A. Ubide, 114–116. Geneva Reports on the World Economy. London: Centre for Economic Policy Research (CEPR), 2017.  View Details

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