— Pill has also served at the ECB and the BoE
LONDON (MaceNews) – Former Chief European Economist at Goldman Sachs, Huw Pill, will become chief economist at the Bank of England, the Bank revealed on Wednesday.
Pill served at the investment bank until 2018 and has most recently lectured at Harvard Business School. Previously he worked at the Bank of England and spent a decade as a top economist at the European Central Bank.
While at Goldman, Pill foresaw the persistence of low eurozone inflation in late 2018, predicting the ECB would delay rate cuts that were widely expected to come in late 2020.
He has also contributed to debate over the BoE’s policy framework in the wake of the financial crisis. In a 2019 paper, Pill acknowledged that inflation targeting had held yo reasonably well during the recession. But he also proposed an update to the bank’s mandate to better reflect the accumulation of monetary and macroeconomic imbalances. He also queried whether central banks should explore lengthening their inflation-targeting horizons.
Pill obtained his bachelors degree at Oxford and a doctorate at Stanford.
He takes up his post on 6 September, allowing him to participate in the next Monetary Policy Committee meeting. Results of that meeting are scheduled for 23 September Pill replaces Andy Haldane, who left the bank at the end of June. Haldane spent the latter months of his BoE tenure warning forcefully of the inflationary risks facing the UK economy.
Pill replaces Andy Haldane, who left the bank at the end of June. Haldane spent the latter months of his BoE tenure warning forcefully of the inflationary risks facing the UK economy.