Prudent Risk Management Approach to Monetary Policy Launch of FPAS MARK II
This panel discussion, chaired by Joeri Schasfoort (Money & Macro), features a detailed examination of Ben Bernanke's recent review of the Bank of England's economic forecasts, released on April 12. The panel includes Professor Charles Goodhart (London School of Economics), Douglas Laxton (The Better Policy Project), Armen Nurbekyan (Central Bank of Armenia), and Shalva Mkhatriashvili (National Bank of Georgia), who will engage in a critical analysis of the main recommendations presented in Bernanke's report. The discussion will focus on evaluating these recommendations, reflecting on their potential impacts, and suggesting ways to improve policymaking practices at the Bank of England.
Furthermore, the panel will explore areas for improvement in the Bank of England’s monetary policy and communication strategies. This segment aims to foster a deeper understanding of how transparent and effective communication can influence policy outcomes and public trust. The session promises to offer insightful perspectives on advancing the efficacy of monetary policy frameworks and the overall strategic communication of one of the world's most influential central banks.
There is already a multitude of public policy institutes. The BPP is trying to stand out from the rest by framing our mission as a project rather than an institute. At BPP, we try to pursue specific goals that can be achieved within a reasonable time frame. Our main mission is to improve the effectiveness of public policy via three avenues: raising public economic literacy, improving analytical frameworks in policymaking institutions and enhancing the communication of policy to the public.
Mission
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Advancing the frontiers of monetary policy. Our philosophy highlights the need for assertive policies and maximum transparency.
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Three C Approach: There is a need for public policy to be Comprehensive, Consistent and Coordinated.
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Develop state-of-the-art frameworks for monetary, fiscal and macroprudential policies.
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Economic literacy rate: Effective policy is partially dependent on credibility of the institution which is conditional on an educated populace.
Douglas Laxton
Douglas Laxton created Saddle Point Research and The Better Policy Project in Portugal after retiring from International Monetary Fund where he worked as a division chief for many years.
Douglas Laxton has enormous experience helping central banks develop transparent state-of-the-art policy frameworks. He also was responsible for many years developing analytical frameworks to support the IMF’s surveillance activities, and coordinating the production of the global outlook and risk assessments. Given his experience, he has a comprehensive understanding of the interactions between monetary policy and financial markets.
“We always plan too much and always think too little. We resent a call to thinking and hate unfamiliar argument that does not tally with what we already believe or would like to believe.”