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. As ECB Chief Economist, Lane is seen by many as providing an academic counterweight to the traditional political abilities of ECB President,

Christine Lagarde Christine Madeleine Odette Lagarde (; née Lallouette, ; born 1 January 1956) is a French politician and lawyer who has been serving as President of the European Central Bank since 2019. She previously served as the 11th managing director of the ...

Career

He was the professor of international macroeconomics and Director of the Institute for International Integration Studies (IIIS) at

Trinity College Dublin , name_Latin = Collegium Sanctae et Individuae Trinitatis Reginae Elizabethae juxta Dublin , motto = ''Perpetuis futuris temporibus duraturam'' (Latin) , motto_lang = la , motto_English = It will last i ...

. He studied at Trinity College Dublin and was elected a scholar in Economic and Social Studies there, before receiving a doctorate in

Economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...

Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...

in 1995. He then became Assistant Professor of Economics and International Affairs at

Columbia University Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...

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 The Centre for Economic Policy Research (CEPR) is an independent, non‐partisan, pan‐European non‐profit organisation. Its mission is to enhance the quality of policy decisions through providing policy‐relevant research, based soundly in e ...

and had been a visiting scholar at the

International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...

and the Federal Reserve Bank of New York and a consultant to the

European Commission The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...

. He is among the "Top 10% of Economists in the World" according to IDEAS/RePEc. His research interests include

international economics International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and ...

, economic growth,

European Monetary Union The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages. There are three stages of the EMU, each of which consists of prog ...

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, and for his measurements of the stocks of foreign assets. He has also chaired the Advisory Scientific Committee of the

European Systemic Risk Board The European Systemic Risk Board () is a group established on 16 December 2010 in response to the ongoing financial crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contrib ...

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 The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centr ...

World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...

OECD The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate e ...

Asian Development Bank The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The bank also maintains 31 field offic ...

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

Lane appeared regularly in the media prior to his appointment as Governor of the Central Bank of Ireland. 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 Modified gross national income, Modified GNI or GNI* was created by the Central Bank of Ireland in February 2017 as a new way to measure the Irish economy, and Irish indebtedness, due to the increasing distortion that the base erosion and prof ...

metric), there is evidence other issues remain (e.g. commercial property bubbles, and light-touch regulation), and that new controls, such as mortgage limits, are being circumvented by Irish banks, and the Irish State itself.

Other activities

As Governor of the Central Bank of Ireland, Lane was an Ex-Officio Alternate Member of the Board of Governors of the

(IMF)Members

(IMF).

References

External links

Home page

Personal Webpage

Google Scholar
, - , - {{DEFAULTSORT:Lane, Philip R. 1969 births Living people Alumni of Trinity College Dublin Columbia University faculty Executive Board of the European Central Bank members Governors of the Central Bank of Ireland Harvard University alumni 20th-century Irish economists International economists Macroeconomists Scholars of Trinity College Dublin 21st-century Irish economists