Chancellor of the Exchequer has today confirmed that
Professor Alan Taylor will join the Monetary Policy Committee
(MPC) on 2 September for a 3-year term, replacing current
external member Professor Jonathan Haskel who has been on the MPC
since September 2018.
Professor Taylor is an economist and currently Professor of
International and Public Affairs at Columbia University, New
York. He has served as a senior advisor to major financial
institutions including Morgan Stanley and PIMCO, is a visiting
scholar at the Bank of England and has published papers in the
fields of macroeconomics, international economics, finance and
economic history.
The Chancellor of the Exchequer, said:
Professor Alan Taylor's substantial experience in both the
financial sector and academia will bring valuable expertise to
the Monetary Policy Committee.
I would also like to thank Professor Jonathan Haskel for all his
work since he joined the Monetary Policy Committee.
Andrew Bailey, Governor of the Bank of England, said:
I'm really pleased Alan Taylor will be joining the Monetary
Policy Committee this autumn, bringing with him his extensive
knowledge and experience from his career in academia. This is an
important time for the Committee and we will no doubt benefit
from Alan's contributions to our debates.
I would like to also thank Jonathan Haskel for his service on the
Committee over the past six years. He will be missed.
About Professor Alan Taylor
Professor Alan Taylor is an economist and currently Professor of
International and Public Affairs at Columbia University. He has
served as a senior advisor at Morgan Stanley, PIMCO and McKinsey.
He is a research associate of the National Bureau of Economic
Research and is a research fellow of the Centre for Economic
Policy Research. He is also visiting scholar at the Bank of
England. He has published papers in leading academic journals in
the fields of macroeconomics, international economics, finance
and economic history.
Born in Wakefield, Professor Alan Taylor graduated from King's
College, Cambridge, before receiving his PhD in Economics from
Harvard University.
About the MPC
The MPC has operational independence for monetary policy. It is
comprised of the Governor of the Bank of England, three Deputy
Governors, the Bank of England's Chief Economist and four
external members. External members, who are appointed by the
Chancellor, may serve up to two three-year terms on the MPC.
The appointment of external members to the MPC is designed to
ensure that the Committee benefits from thinking and expertise in
addition to that gained inside the Bank. Each member of the MPC
has expertise in the field of economics. They are independent and
do not represent particular groups or areas.
About the appointment process
Professor Alan Taylor has been appointed by the Chancellor
following a fair and open recruitment process run by HM Treasury.
The Advisory Assessment Panel (AAP) comprised of (Second Permanent Secretary and Chief Economic
Advisor, HM Treasury), Daniel Gallagher (Director of Economics,
HM Treasury), Silvana Tenreyro (Professor of Economics, London
School of Economics) and Dame Colette Bowe (external member of
the Financial Policy Committee). The AAP advised the Chancellor,
informing her decision.
The Treasury is committed to appointing a diverse range of people
to public appointments, including at the Bank of England. The
Treasury continues to take active steps to attract the broadest
range of suitable applicants for posts.
