 Advising the Bank of England (1992)C. A. E. Goodhart
Chapter 11 in The Central Bank and the Financial System, 1995, pp 236-239 from Palgrave Macmillan Abstract: Abstract ‘You are not here to tell me what to do. You are here to tell me why I have done what I have already decided to do.’ Montagu Norman, the longest serving (1920–44) and most famous Governor of the Bank of England, is reputed to have greeted one of the first economic advisers to be appointed to the Bank with this memorable phrase. There was, and remains, some considerable truth in the claim that part of an economic adviser’s job in any official body is to provide the best possible academic gloss to policy decisions which have been taken for a wide variety of other reasons, and in which decision-making process the economic adviser’s role is often relatively small. In any case most immediate policy decisions are primarily determined by the interplay of the pressure of events with the ideologies and prior beliefs of those in power. Moreover, nobody in authority, certainly no politician, is likely to continue to accept advice happily from someone, however well qualified professionally, who openly reveals fundamental disagreements with such ideologies and priors. Keywords: Interest Rate; Economic Adviser; Bank Lending; Senior Official; Monetary Aggregate (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37915-2_11 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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