Andrew G Haldane
Biographic Data
| ID | 5735341 |
|---|---|
| NAME | Andrew G Haldane |
| GIVEN NAMES | Andrew G |
| FAMILY NAME | Haldane |
| SIGNATURE | HALDANE A G |
| AFFILIATIONS | Bank of England |
| VERIFIED | No |
| TOTAL WORKS | 6 |
| TOTAL CITATIONS | 16 |
| WORKS AS AUTHOR | 6 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 1998 |
| LATEST PUBLICATION YEAR | 2015 |
| H-INDEX | 1 |
The Costs of Short‐termism
Curbing the Credit Cycle
Credit cycles have been a characteristic of advanced economies for over 100 years. On average, a sustained pick‐up in the ratio of credit to GDP has been highly correlated with banking crises. The boom phases of the cycle are characterised by large deviations in credit from trend. A range of mechanisms can generate these effects, each of which has strategic complementarity between banks at its core. Macro‐prudential policy could curb these credit…
Systemic risk in banking ecosystems
Bail Out or Work Out? Theoretical Considerations
The views are not necessarily those of the Bank of England or Her Majesty’s Treasury. We would like to thank Charles Goodhart, Adrian Penalver, David Vines, and seminar participants at the Bank of England for comments. 2 In recent years, we appear to have entered an era of capital account crises. In response, a number of new crisis resolution ideas have been put forward, including the establishment of supranational institutions such as an interna…
On Inflation Targeting in the United Kingdom
This paper discusses some of the operational issues relevant to inflation‐targeting in the United Kingdom, in particular: whether inflation targeting is ‘new’; whether it is potentially destabilising; and whether it requires too much knowledge on the part of the authorities. It goes on to discuss the role of inflation forecasts in general, and inflation probability distributions in particular, in the context of inflation‐targeting in the UK. It a…
Shoe‐leather Costs Reconsidered
It has recently been suggested by Robert Lucas that `shoe-leather' costs of inflation may amount to as much as 1% of GNP in the United States. This paper assesses the UK evidence for the period 1970-1994. Similar estimates to those of Lucas are found using his original specification, but a preferred functional form using a semi-log interest elasticity of demand for money reveals a 0.22 % of GNP gain in perpetuity following a sustained fall in nom…
Curbing the Credit Cycle
Credit cycles have been a characteristic of advanced economies for over 100 years. On average, a sustained pick‐up in the ratio of credit to GDP has been highly correlated with banking crises. The boom phases of the cycle are characterised by large deviations in credit from trend. A range of mechanisms can generate these effects, each of which has strategic complementarity between banks at its core. Macro‐prudential policy could curb these credit…
On Inflation Targeting in the United Kingdom
This paper discusses some of the operational issues relevant to inflation‐targeting in the United Kingdom, in particular: whether inflation targeting is ‘new’; whether it is potentially destabilising; and whether it requires too much knowledge on the part of the authorities. It goes on to discuss the role of inflation forecasts in general, and inflation probability distributions in particular, in the context of inflation‐targeting in the UK. It a…
Shoe‐leather Costs Reconsidered
It has recently been suggested by Robert Lucas that `shoe-leather' costs of inflation may amount to as much as 1% of GNP in the United States. This paper assesses the UK evidence for the period 1970-1994. Similar estimates to those of Lucas are found using his original specification, but a preferred functional form using a semi-log interest elasticity of demand for money reveals a 0.22 % of GNP gain in perpetuity following a sustained fall in nom…
Bail Out or Work Out? Theoretical Considerations
The views are not necessarily those of the Bank of England or Her Majesty’s Treasury. We would like to thank Charles Goodhart, Adrian Penalver, David Vines, and seminar participants at the Bank of England for comments. 2 In recent years, we appear to have entered an era of capital account crises. In response, a number of new crisis resolution ideas have been put forward, including the establishment of supranational institutions such as an interna…
Systemic risk in banking ecosystems
The Costs of Short‐termism
Curbing the Credit Cycle
Credit cycles have been a characteristic of advanced economies for over 100 years. On average, a sustained pick‐up in the ratio of credit to GDP has been highly correlated with banking crises. The boom phases of the cycle are characterised by large deviations in credit from trend. A range of mechanisms can generate these effects, each of which has strategic complementarity between banks at its core. Macro‐prudential policy could curb these credit…
Economics (5 works) · Monetary economics (4 works) · Business (3 works) · Economic Theory and Policy (3 works) · Finance (3 works) · Finance (3 works) · Financial system (3 works) · Macroeconomics (3 works) · Computer Science (2 works) · Global Financial Crisis and Policies (2 works)