New MPC member appointed

New MPC member appointed

Professor Silvana Tenreyro of the London School of Economics has been appointed as an external member of the Monetary Policy Committee (MPC).

She will be appointed for an initial three-year term which will take effect in July 2017. She will replace Kristin Forbes, who announced that she will step down at the end of her term of office on 30 June 2017.

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.

As an external member of the Monetary Policy Committee (MPC), Professor Tenreyro will vote to decide the future path of UK monetary policy. The MPC currently meets eight times a year to set monetary policy to meet the inflation target.

The Chancellor of the Exchequer, Philip Hammond, said: “I am delighted to appoint Professor Silvana Tenreyro as the new external member of the Monetary Policy Committee at the Bank of England. I am confident that Professor Tenreyro will be a strong addition to the MPC, bringing a wealth of economic experience and academic rigour to the Committee’s deliberations.”