The future of monetary policy: An evening with Charles Goodhart and Manoj Pradhan
Thursday 26 November 2026 | 18:00 - 20:00 | Evening Event
The Unanchored Central Banker: Demography, Fiscal Instability and the Future of Monetary Policy.
What if higher inflation and interest rates are not a temporary cycle, but part of a much longer-term shift?
In 2020, authors of The Great Demographic Reversal Charles Goodhart, CBE and Manoj Pradhan challenged the prevailing “lower for longer” consensus, arguing that demographic change would bring an era of low inflation and falling interest rates to an end. The inflation surge that followed made their book one of the most widely discussed macroeconomic works of the decade.
Five years on, they are taking that argument further.
Join Goodhart and Pradhan as they explore how ageing populations, growing pressure on public finances and China’s changing role in the global economy could reshape inflation and interest rates, while making the job of central banks increasingly difficult.
Drawing on the arguments in their new book, The Unanchored Central Banker, they will consider what this changing environment could mean for monetary policy, bond markets and long-term investment decisions.
Hear their latest thinking, the challenges to their thesis and what investors should be considering as they navigate a potentially very different economic environment.
The conversation will be followed by an audience Q&A.
About the speakers
Charles Goodhart CBE, FBA
Charles Goodhart CBE, FBA is Emeritus Professor of Banking and Finance at the London School of Economics and one of the most influential monetary economists of his generation. He spent seventeen years at the Bank of England as a monetary adviser, rising to Chief Adviser in 1980. In 1997 he was appointed one of the founding external members of the Bank's Monetary Policy Committee, where he served until 2000.
At LSE he held the Norman Sosnow Chair of Banking and Finance from 1985 until 2002, and he was Deputy Director of the Financial Markets Group from 1987 to 2005. He later advised the Governor of the Bank of England on financial stability and worked as an economic consultant to Morgan Stanley, where his collaboration with Manoj Pradhan began.
His books include the graduate textbook Money, Information and Uncertainty and a history of the early years of the Basel Committee on Banking Supervision. He is best known for Goodhart's Law, the observation that any statistical regularity tends to break down once it is used as a target for control. He was elected a Fellow of the British Academy in 1990 and appointed CBE in 1997 for services to monetary economics.
Manoj Pradhan, Founder, Talking Heads Macroeconomics
Manoj Pradhan is the founder of Talking Heads Macroeconomics, an independent macroeconomic research firm based in London. He spent more than a decade at Morgan Stanley, where he was a Managing Director and led the Global Economics team, directing research into long-run global themes.
Before joining Morgan Stanley in 2005, he taught at George Washington University and the State University of New York. His work focuses on quantitative macroeconomics, emerging markets and the global economy. He holds a PhD in economics from George Washington University and a Master's in Finance from London Business School.
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