The MPC at 25

Held at Gresham College, Wednesday 30 March 2022

In partnership with the National Institute of Economic and Social Research (NIESR), this conference was held to mark the 25th anniversary of the establishment of the Monetary Policy Committee, and the establishment of operational independence of the Bank of England. The event examined constructively some of the emergent issues in the design of central bank practice and policy.

Further sessions around the four main themes of central bank remit; central bank decision-making process; central bank communication and unconventional tools were held. The papers from these sessions are being compiled and will be released as a separate volume.

Programme and Papers

9:00 Opening Speech (Chair: Paul Mizen, MMF)
Ben Broadbent (Deputy Governor, Bank of England)

10:00 Session 1: Remit (Chair: Katharine Neiss, PGIM Fixed Income)
Tony Yates, 'The case for raising the inflation target'
Jens Larsen (EURASIA), 'The MPS remit at 25 - Growing pains?'
Response by Sushil Wadhwani, (PGIM, Inc)

11:30 Session 2: Decision-Making Process (Chair: Shamik Dhar, BNY Mellon)
Richard Barwell (BNPP AM), 'Groupvote, not groupthink'
Maria Demertzis (Bruegel), 'Central bank decision-making process: the Bank of England and the ECB'
Response by Kate Barker

14:00 Session 3: Unconventional Tools (Chair: Bill Allen, NIESR)
Ricardo Reis (LSE), 'Quantitative easing: past and future'
Charlotta Groth (Zurich), ' Working with multiple instruments: reflections from the Covid crisis'
Response by Jan Vlieghe (Element Capital)

15:15 Session 4: Communication (Chair: Rachel Lomax)
Michael McMahon (Oxford), 'MPC's monetary communications: children of the revolution(s)'
Stephen Millard (NIESR)
Response by John Vickers (Oxford)

16:50 Closing Remarks (Chair: Karen Ward, JPM AM)
Spencer Dale (BP)