The Bank of England is hosting a conference on the future of money in honour of Charles Goodhart, the economist whose work on monetary policy, financial stability and central banking has shaped the intellectual framework within which central banks operate.
Goodhart, now in his late eighties and still an active researcher, is one of the most influential monetary economists of the past half-century. His eponymous law — that any statistical relationship will break down when it is used for policy purposes — is one of the most cited propositions in economics. His work on the lender of last resort, on the measurement of money, and on the relationship between financial stability and monetary policy has had a profound influence on how central banks think about their responsibilities.
The conference will bring together current and former central bankers, academic economists and financial market practitioners to discuss the future of money in an era of digital currencies, artificial intelligence and the declining use of cash. The programme includes sessions on central bank digital currencies, the implications of stablecoins for monetary sovereignty, and the role of money in an increasingly digital economy.
The Governor of the Bank of England described Goodhart as "the intellectual godfather of modern central banking" and said the conference was a fitting tribute to a scholar whose work had improved the lives of millions of people by helping central banks to do their jobs better. Goodhart will deliver the keynote address, and the proceedings will be published as a book.
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