Woodford forward guidance an ‘academic curio', says BoE's Bean

Charlie Bean

The Bank of England's deputy governor for monetary policy, Charlie Bean, today said the idea of committing to low rates over a stated long period of time is an "academic curio", given the way the central bank's monetary policy committee is constructed.

Speaking this morning at the Society of Business Economists' annual conference in London, Bean referred to a "strand of academic literature associated particularly with Mike Woodford that argues that when you're at the zero lower bound, you actual

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