June 22, 2009
Washington—The Peterson Institute for International Economics (PIIE) announced that Deputy Director Adam Posen has been appointed an External Member of the Bank of England's Monetary Policy Committee (MPC) for a three-year term beginning September 1. The MPC, akin to the Federal Reserve Board of Governors in the United States, is the Bank of England's interest-rate setting body. Dr. Posen, a US citizen, was selected for the position through an open competitive process for external appointments, ahead of 49 other applicants from the United Kingdom and around the world.
In announcing the appointment, UK Chancellor of the Exchequer Alistair Darling said that Posen's "deep understanding of monetary-policy and financial-system issues, combined with his proven ability to communicate clearly to diverse audiences will, I believe, be extremely valuable to the M.P.C." Nobel Laureate Paul Krugman praised the appointment on his New York Times blog as a "Good Move by the BOE." The Financial Times stated that "outspoken but charming, US economist Adam Posen joins the Bank of England Monetary Policy Committee with an over-riding reputation for his intellect." Martin Wolf, the Financial Times' chief economic commentator added: "Among American economists, he is one of the few with outstanding expertise in the economics of Japan and Europe…. At an extraordinary juncture in monetary policy, the Bank will need that sort of toughness. Mr Posen is an imaginative and compelling choice."
Upon announcement of his appointment, Dr. Posen said, "I am honored to have this opportunity to contribute directly to policymaking on the monetary and financial issues with which I am engaged during this time of great economic challenge. I am also privileged to have the opportunity to work closely with the leadership and staff of the Bank of England, whom I respect deeply and with whom I have greatly enjoyed thinking about monetary policy and related issues in the past."
While serving at the Bank, Dr. Posen will maintain his status as a senior fellow at PIIE and will continue to research and write on macroeconomic policy, deflation and inflation, bubbles, the euro and the European Union, Japan, and US economic relations with the major economies. The External MPC member appointment is a part-time position. He will step down as PIIE's deputy director, and thus from day-to-day management of the Institute, on September 1.
"We here at the Institute are enormously proud of Adam's decision to make such a valuable contribution to UK monetary policymaking and, by extension, to that of the world as a whole," said PIIE Director C. Fred Bergsten. "We are equally pleased that he will continue his invaluable contributions to the work of the Institute." Upon completion of his term at the MPC, Dr. Posen will return full time to PIIE.
About Adam Posen
Adam Posen is deputy director of the Peterson Institute for International Economics in Washington, DC, where he has been a senior fellow since 1997. His research focuses on macroeconomic policy and performance, European and Japanese political economy, and central banking issues. As deputy director, he leads the Institute's recruitment of senior researchers and its outreach initiatives to the press and the general public, coordinates with partner research institutions and Institute supporters, and oversees administration and finance for the Institute's $10 million annual budget and 55 person staff.
A widely cited expert on monetary policy, he has been a visiting scholar at central banks worldwide, including on multiple occasions at the Federal Reserve Board, the European Central Bank, and the Deutsche Bundesbank. In 2006 he was on sabbatical leave from PIIE as a Houblon-Norman Senior Fellow at the Bank of England. He has also been a consultant to several US government agencies, including the Departments of State and Treasury and the Council of Economic Advisors; the European Commission; the Japanese Ministry of Economy, Trade, and Industry; and to the International Monetary Fund on a variety of economic and foreign policy issues. He is a member of the Panel of Economic Advisers to the Congressional Budget Office for 2007–11.
Dr. Posen is the author of the book Restoring Japan's Economic Growth (Institute for International Economics, 1998; Japanese translation, 1999), the coauthor with Ben Bernanke et al. of Inflation Targeting: Lessons from the International Experience (Princeton University Press, 1999), and the editor and part-author of The Euro at Ten: The Next Global Currency? (Peterson Institute for International Economics, 2009), The Euro at Five: Ready for a Global Role? (Institute for International Economics, 2005); and The Japanese Financial Crisis and its Parallels with US Experience (Institute for International Economics, 2000; Japanese Translation, 2001). He has also published more than three-dozen papers on monetary and fiscal policy in leading economics journals and in academic and central bank conference volumes. He cofounded and chairs the editorial board of the refereed journal International Finance.
From 1994 to 1997 he was an economist at the Federal Reserve Bank of New York, where he advised senior management on monetary strategies, the G-7 economic outlook, and European monetary unification. In 1993–94 he was Okun Memorial Fellow in Economic Studies at the Brookings Institution and won the Amex Bank Review Awards Silver Medal for his dissertation research on central bank independence. In 1992–93 he was resident in Germany as a Bosch Foundation Fellow. He received his Ph.D. and his A.B. (Phi Beta Kappa) from Harvard University, where he was a National Science Foundation Graduate Fellow.
Dr. Posen is a member of the Board of Directors of the Brussels-based economic think tank Bruegel, and a life member of the Council on Foreign Relations. He is a research associate of the Center for the Japanese Economy and Business of Columbia University, a fellow of the CESifo Research Network, and has been a public policy fellow at the American Academy in Berlin (2001).
About the Peterson Institute
The Peter G. Peterson Institute for International Economics is a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Since 1981 the Institute has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems. It is one of the very few economics think tanks that are widely regarded as "nonpartisan" by the press and "neutral" by the US Congress, it is cited by the quality media more than any other such institution, and it was recently selected as Top Think Tank in the World in the first comprehensive survey of over 5,000 such institutions. Support is provided by a wide range of charitable foundations, private corporations, and individual donors, and from earnings on the Institute's publications and capital fund. It celebrated its 25th anniversary in 2006 and adopted its new name at that time, having previously been the Institute for International Economics.