Robert Pringle's Viewpoint: Haldane plus Rajan = New model central bank?

In his contribution to our 25th anniversary issue, Andrew Haldane, chief economist of the Bank of England, describes the "giant steps" that central banks have taken to "reinvent" themselves post crisis. These have involved innovations not only in monetary policies and in market operations but also the development of macro-prudential policies. Central bankers have recognised that inflation targeting, by itself, is insufficient to curb financial cycles. They now believe that policies should "focus