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Philip R. Lane

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Philip Lane
Chief Economist of the European Central Bank
Incumbent
Assumed office
1 June 2019
PresidentMario Draghi
Christine Lagarde
Preceded byPeter Praet
Member of the Executive Board of the European Central Bank
Incumbent
Assumed office
1 June 2019
Preceded byPeter Praet
Governor of the Central Bank of Ireland
In office
3 November 2015 – 1 June 2019
TaoiseachEnda Kenny
Leo Varadkar
Preceded byPatrick Honohan
Succeeded byGabriel Makhlouf
Personal details
Born
Philip Richard Lane

(1969-08-27) 27 August 1969 (age 55)
Dublin, Ireland
Spouse
Órla Lane
​
(m. 1996)​
Children2
EducationBlackrock College
Trinity College Dublin
Harvard University
WebsiteOfficial website

Philip Richard Lane (born 27 August 1969) is an Irish economist who has been serving as a member of the Executive Board of the European Central Bank since 2019 and concurrently as ECB chief economist. He previously served as Governor of the Central Bank of Ireland from 2015 to 2019.[1] As ECB Chief Economist, Lane is seen by many as providing an academic counterweight to the traditional political abilities of ECB President, Christine Lagarde.[2][3][4]

Career

[edit]

He was the professor of international macroeconomics and Director of the Institute for International Integration Studies (IIIS) at Trinity College Dublin. He studied at Trinity College Dublin and was elected a scholar in Economic and Social Studies there, before receiving a doctorate in Economics at Harvard University in 1995. He then became Assistant Professor of Economics and International Affairs at Columbia University during 1995–1997, before returning to Trinity College, Dublin in 1997. He remains affiliated with Trinity College as Whatley Professor of Political Economy (on leave). He was a research fellow of the Centre for Economic Policy Research and had been a visiting scholar at the International Monetary Fund and the Federal Reserve Bank of New York and a consultant to the European Commission. He is among the "Top 10% of Economists in the World" according to IDEAS/RePEc.[5]

His research interests include international economics, economic growth, European Monetary Union and Irish economic performance. He is best known for his work on the voracity effect, by which a positive shock perversely reduces economic growth through more-than-proportionate fiscal redistribution,[6] and for his measurements of the stocks of foreign assets.[7][8]

He has also chaired the Advisory Scientific Committee of the European Systemic Risk Board and was Director of the International Macroeconomics and Finance Programme at CEPR. He has also acted as an academic consultant for the European Central Bank, World Bank, OECD, Asian Development Bank and a number of national central banks. In September 2016, he was appointed as chair of the ESRB High-Level Task Force on Safe Assets.

Governor of the Central Bank of Ireland

[edit]

Lane appeared regularly in the media prior to his appointment as Governor of the Central Bank of Ireland.[9] The Central Bank of Ireland's reputation was badly damaged in the Irish financial crisis. Lane has taken actions to address some of the main criticisms (e.g. explicit mortgage controls and the new modified gross national income metric), there is evidence other issues remain (e.g. commercial property bubbles, and light-touch regulation),[10][11][12][13][14] and that new controls, such as mortgage limits, are being circumvented by Irish banks,[15][16] and the Irish State itself.[17][18]

Other activities

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As Governor of the Central Bank of Ireland, Lane was an Ex-Officio Alternate Member of the Board of Governors of the International Monetary Fund (IMF)[19]

References

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  1. ^ "Governing hand: Philip Lane takes charge of Central Bank in recovering economy". Irish Times. 8 January 2016.
  2. ^ The Next ECB Chief Economist Is More Than a Dove, Bloomberg, February 28, 2019
  3. ^ "ECB urged to give more weight to housing in inflation fight". www.ft.com. 3 February 2020. Retrieved 3 February 2020.
  4. ^ "Lagarde's Move to Top of ECB Makes Lane Her Monetary Brain". Bloomberg.com. 3 July 2019.
  5. ^ "Economist Rankings | IDEAS/RePEc".
  6. ^ Tornell, A.; Lane, P. R. (1999). "The Voracity Effect". American Economic Review. 89 (1): 22–46. doi:10.1257/aer.89.1.22. JSTOR 116978.
  7. ^ "Trinity Research in Social Sciences (TRiSS) - Trinity College Dublin".
  8. ^ Lane, P. R.; Milesi-Ferretti, G. M. "The External Wealth of Nations" (PDF). Journal of International Economics. 55: 263–294. doi:10.1016/S0022-1996(01)00102-7. S2CID 16336716.
  9. ^ IHT, 1 Jun 2008
  10. ^ Professor Jim Stewart; Cillian Doyle (12 January 2017). "'Section 110' Companies: A Success story for Ireland" (PDF). Trinity College, Dublin.
  11. ^ "Ireland, Global Finance and the Russian Connection" (PDF). Professor Jim Stewart Cillian Doyle. 27 February 2018.
  12. ^ "How Russian Firms Funnelled €100bn through Dublin". The Sunday Business Post. 4 March 2018.
  13. ^ "More than €100bn in Russian Money funneled through Dublin". The Irish Times. 4 March 2018.
  14. ^ "A third of Ireland's shadow banking subject to little or no oversight". The Irish Times. 10 May 2017.
  15. ^ "Mortgages: How to get around the Central Bank's borrowing rules". Irish Times. 19 April 2016.
  16. ^ "Borrow up to five times your income? No probs!". Irish Independent. 28 September 2014.
  17. ^ "Help-to-Buy scheme fuels surge in house prices". The Irish Independent. 3 April 2017.
  18. ^ "'Help-to-buy' scheme sees €24k surge in house prices". The Irish Examiner. 3 July 2017.
  19. ^ Members International Monetary Fund (IMF).
[edit]
Government offices
Preceded by Governor of the Central Bank of Ireland
2015–2019 		Succeeded by
Preceded by Member of the Executive Board of the European Central Bank
2019–present 		Incumbent
Chief Economist of the European Central Bank
2019–present
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