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In Shift, Bank of England Pledges Low Rates
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In a policy shift the Bank of England's Governor, Mark Carney, announces that the central bank will keep interest rates low and bond purchases at the current level till the unemployment rate drops to 7%. This is similiar to the policy action of the U.S. Federal Reserve chairman, Ben Bernanke, to keep interest rates low till the unemployment rate reaches 6.5%. Carney said conditions under which this could change are if inflation increased or financial stability was affected by the easy monetary policy. He said: "Our biggest concern is the possibility that as the recovery gathers pace, that there is an unwarranted change in expectations about the pace of the withdrawal of monetary policy stimulus." "That is one of the principal points of providing explicit forward guidance." BOE said the official unemployment rate was 7.8% in the three months to May, and it is unlikely to decline to the 7% level till early 2016. The inflation rate for Britain was 2.9% in June. The higher inflation rate is partly due to the higher taxes and large increase in university tution fees which are unlikely to be repeated. The BOE's Monetary Policy Committee sees inflation declining to 2% by 2015.
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Central bank governors Ben Bernanke, Mario Draghi, Stanley Fischer, Mervyn King and the MIT Economics Department
01/28/2008
Ben Bernanke and Mervyn King once shared an office as professors at MIT. Stanley Fischer was Draghi's and Bernanke's PhD. advisor. The MIT economics department fostered a view in the 1990's in which central banks played an active role when markets failed and the economy stumbled. This followed a period of post-Keynes views at the universities of Rochester, Minnesota, and Chicago, that markets operated on rational expectations and needed minimal intervention by central banks.
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Canadian Steps In to Lead Bank of England
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In Shift, Bank of England Pledges Low Rates
Wall Street Journal 08/08/2013
Britons Digest Carney's Message
Wall Street Journal 08/09/2013
The Bank of England's Guidance Gamble
Wall Street Journal 08/09/2013
BOE to Keep Rates Low Even After Jobless Goal Is Met
Wall Street Journal 01/23/2014
BOE Guides to More of the Same
Wall Street Journal 01/23/2014
U.S. Federal Reserve's 6.5% unemployment target with 2% inflation announced by Bernanke in Dec. 2012
01/27/2009
The U.S. Fed's chairman Bernanke says the Fed will keep rates low till unemployment reaches 6.5% citing "the tremendous waste in human potential" of high unemplyment rates. As long as inflation remains subdued at 2% the Fed will continue its current policy of low rates. In 2013 the Fed will continue bond buying at the rate of $85 billion a month. If unemployment drops to 6.5%, but this is because more people are dropping out of the labor market the Fed will take this into account, says Bernanke. The Fed will also keep an eye out for asset bubbles in the economy.
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Wall Street Journal 08/09/2013
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Inflation in Britain Falls to Lowest Rate in 15 Years
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