Quantitative Tightening and Reserves Workshop

We are hosting hosting a workshop which will consider primarily how quantitative tightening (QT) ought to be managed.

In Bill Allen's commentary in the National Institute Economic Review, it was highlighted that the size of the Bank of England’s balance sheet threatened both central bank independence and budgetary sustainability; the authors suggested, among other things, that once QT was underway, reforms to reduce the interdependence of central banks and the Treasury ought to be considered. We now find ourselves broadly in the economic position the authors described over eighteen months ago.

In turn, we have seen a lively debate commence on whether the UK should continue paying interest on reserves. This workshop will work on a Chatham House rule basis that will bring together some of the leading macroeconomists in the UK, to engage critically with this issue.

If you are interested in attending, please email events@niesr.ac.uk