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Central Banking, Monetary Theory and Practice

Essays in Honour of Charles Goodhart, Volume One

Edited by Paul Mizen

Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include: central bank independence; credibility and transparency; the inflation forecast and the loss function; monetary policy experiences in the US and the UK; the implications of Goodhart’s Law; the benefits of single versus multiple currencies; and money, near monies and credit.
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A Central Bank economist

Charles Goodhart


Charles Goodhart1 1. INTRODUCTION I doubt whether I rank as an ‘eminent economist’. I have become a leading figure in a limited number of special areas, notably central banking and monetary policy and, later on in my career, the microstructure of the foreign exchange market; but I have added little, or nothing, to the body of accepted theory, and my role as policy adviser, though frequently exciting and fulfilling, has mostly been at too junior a level to count as eminent. Nevertheless vanity affects us all; having been asked to contribute to the series on distinguished economists arranged by the Banca Nazionale del Lavoro, and published in their Quarterly Review, and thereby become a member of the elect, who am I to refuse on grounds of unworthiness? I should, nevertheless, like to use my experiences in the four main phases of my career: learning at Cambridge(s), 1958–65; policy advice at the Bank of England, 1968–85; teaching at the London School of Economics, 1966–68 and 1985–2002; and membership of the Monetary Policy Committee, 1997–2000, as a springboard for discussing some ongoing issues in economics, to wit the treatment of expectations, the use and role of economists in the City, the analysis of markets, central bank autonomy, the process of decisionmaking in (Monetary Policy) Committees, and finally financial regulation. 2. BIOGRAPHY (1936–58) I probably come from a more privileged background than any previous contributor. My paternal grandmother was a Lehman, of the great...

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