MPC's Forbes replaced by LSE professor Tenreyro

Author: Mike Paterson | Category: Central Banks

UK fin min Hammond out with the announcement 19 June

BOE MPC member Kristin Forbes steps down next month after the end of her 3-year standard term of office and has been replaced by Silvana Tenreyro.

Silvana will be appointed for a three year term which will take effect from 7 July 2017.

Before her job at the LSE she was an economist fat the US Federal Reserve.

Professor Tenreyro graduated with a Ph.D in Economics from Harvard University. She is a Professor of Economics at the London School of Economics (LSE) and an academic visitor at the Bank of England. She specialised in Macroeconomics and Monetary Economics and has taught these subjects at the LSE since 2004.

Before this Professor Tenreyro worked as an Economist at the US Federal Reserve Bank of Boston (2002-04) and she was an external member of MPC at the Bank of Mauritius (2012-14), voting on interest rate movements.

Tenreyro has British, Italian and Argentine citizenships, according to her resume published on the LSE website.

The BoE is also seeking a replacement for former deputy governor Charlotte Hogg who quit in March after failing to report a potential conflict of interest involving her brother's position at Barclays.

The finance ministry said on Monday that Hogg's replacement would be appointed in due course, restoring the MPC to its full quota of nine members

Says BOE gov Carney:

"I am delighted to welcome Silvana Tenreyro to the Monetary Policy Committee and am very much looking forward to working with her. Her extensive and varied academic experience - on the monetary transmission mechanism, the dynamics of productivity, trade, housing issues as well as wage dynamics, to name just a few ­- will be invaluable to the Committee as it seeks to promote the good of the people of the United Kingdom through maintaining monetary stability."

Forbes was one of the 3 members who voted to hike rates last week. It is yet unclear what position Tenreyro might take on future mon pol decisions.