Monetary and credit policy
Oliver Bush
Economist working at the intersection of macroeconomics, financial economics and economic history
Research Fellow, National Bureau of Economic Research (2027)
Visiting Lecturer, London School of Economics
Senior Advisor, Financial Stability, Bank of England
My research uses historical narratives, archival evidence and modern empirical methods to study how policy regimes shape inflation, credit and public-debt dynamics, with a focus on monetary–fiscal interactions, financial stability and central banking.
In 2027 I will be a Research Fellow at the National Bureau of Economic Research. I completed a PhD in Economic History at the London School of Economics in 2024. I am Senior Advisor for Financial Stability at the Bank of England, where I have worked in financial stability and monetary analysis since 2009, and I was a Research Fellow at the Bank for International Settlements in 2026.
Selected research
Fiscal regimes and inflation
Fiscal Financing Regimes and Nominal Stability: An Historical Analysis
Britain's Great Inflation
‘Muddling Through or Tunnelling Through?’ UK Monetary and Fiscal Exceptionalism and the Great Inflation
Research programme
Monetary and macroprudential policy
How interest rates and quantitative credit controls act on inflation, bank lending and output, and whether the two instruments are substitutes.
Fiscal regimes and inflation
How governments finance fiscal expansions, when debt is expected to be backed by future surpluses, and what happens to prices when that expectation breaks.
Financial stability and public policy
Analytical frameworks for financial policy, macroprudential indicators, bank capital requirements, sovereign debt and the international monetary system.
Contact
- o.bush@lse.ac.uk
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