Monetary Policy Committee member Adam Posen will become president at the Peterson Institute for International Economics when his three-year term ends in August.
Posen has been been a strong advocate for quantitative easing and today admitted that he had underestimated the effects of the current asset purchase programme, suggesting he may back calls for more QE in next month’s MPC meeting.
Posen was deputy director at the Washington-based research institution PIIE between 2007 and 2009, and was a senior fellow there during his time on the MPC.
Bank Governor Mervyn King says: “I congratulate Adam on his appointment to lead the highly respected and admired Peterson Institute. On behalf of the Bank, I want to thank Adam for his outstanding contribution to the MPC over the past three years and wish him well in his new role.”
Posen says: “I am deeply grateful to the superb staff of the Bank of England, to the Governor and all of my colleagues on the MPC, and to Her Majesty’s Treasury for enabling me to make a contribution to British monetary policy during this difficult and challenging period.
“I am proud of the work we have done trying to understand and stabilize UK economic performance in the aftermath of the global crisis. I also am sincerely grateful to the many people from all areas of the United Kingdom who engaged with me openly and frankly during my travels for the MPC.”