Ep. 14: Lord Mervyn King On The Wrong Use Of Monetary Policy In A Radically Uncertain World

Macro Hive Conversations With Bilal Hafeez
Ep. 14: Lord Mervyn King On The Wrong Use Of Monetary Policy In A Radically Uncertain World

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In this episode, I talk with Lord Mervyn King. He needs no introduction, except to say he is one of the leading figures in central banking over the past few decades. He served for ten years as the Governor of the Bank of England, which included dealing with the 2008 financial crisis. He’s written a number of books including the recent bestseller with co-author John Kay “Radical Uncertainty: Decision-making Beyond the Numbers”. Here’s what we talk about:

1. Defining uncertainty – difference between radical uncertainty and black swans.
2. Use of narratives to understand uncertainty.
3. Importance of resilience and preparedness.
4. Why central banks have done too much during COVID.
5. The importance of fiscal and other policies to deal with major economic challenges.
6. His view on negative rates.
7. Should central banks mandates be changed to target financial imbalances and inequality.
8. Could inflation head higher?
9. Is climate change the only long-term risk to consider?
10. How his work on radical uncertainty has changes his view of economics.

You can buy Lord King’s book here.

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(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)