{{short description|Irish economist (born 1969)}} {{Use Hiberno-English|date=October 2014}} {{Use dmy dates|date=October 2014}} {{Infobox officeholder | name = Philip Lane | office = Chief Economist of the [[European Central Bank]] | president = [[Mario Draghi]]<br />[[Christine Lagarde]] | term_start = 1 June 2019 | term_end = | predecessor = [[Peter Praet]] | successor = | office2 = Member of the [[Executive Board of the European Central Bank]] | term_start2 = 1 June 2019 | term_end2 = | predecessor2 = Peter Praet | successor2 = | office3 = [[Governor of the Central Bank of Ireland]] | taoiseach3 = [[Enda Kenny]]<br />[[Leo Varadkar]] | term_start3 = 3 November 2015 | term_end3 = 1 June 2019 | predecessor3 = [[Patrick Honohan]] | successor3 = [[Gabriel Makhlouf]] | birth_name = Philip Richard Lane | birth_date = {{birth date and age|1969|8|27|df=y}} | birth_place = [[Dublin]], Ireland | death_date = | death_place = | spouse = {{marriage|Órla Lane|1996}} | children = 2 | education = [[Blackrock College]]<br />[[Trinity College Dublin]]<br />[[Harvard University]] | website = {{URL|https://www.philiplane.org|Official 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.<ref name="it">{{cite web |url=https://www.irishtimes.com/business/economy/governing-hand-philip-lane-takes-charge-of-central-bank-in-recovering-economy-1.2488490 |publisher=Irish Times |date=8 January 2016 |title=Governing hand: Philip Lane takes charge of Central Bank in recovering economy}}</ref> As ECB Chief Economist, Lane is seen by many as providing an academic counterweight to the traditional political abilities of ECB President, [[Christine Lagarde]].<ref>[https://www.bloomberg.com/opinion/articles/2019-02-28/ecb-is-likely-to-tap-ireland-s-philip-lane-as-chief-economist, The Next ECB Chief Economist Is More Than a Dove], Bloomberg, February 28, 2019</ref><ref>{{cite web | title =ECB urged to give more weight to housing in inflation fight | url =https://www.ft.com/content/16ef35f2-4389-11ea-abea-0c7a29cd66fe | website =www.ft.com | date =3 February 2020 | access-date =3 February 2020 }}</ref><ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2019-07-03/lagarde-s-move-to-top-of-ecb-makes-lane-her-monetary-brain|title = Lagarde's Move to Top of ECB Makes Lane Her Monetary Brain|newspaper = Bloomberg.com|date = 3 July 2019}}</ref>
==Career== 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 [[List of Scholars of Trinity College Dublin|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 [[RePEc|IDEAS/RePEc]].<ref>{{Cite web|url=https://ideas.repec.org/top/top.person.all.html|title = Economist Rankings | IDEAS/RePEc}}</ref>
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,<ref>{{cite journal |first1=A. |last1=Tornell |first2=P. R. |last2=Lane |year=1999 |jstor=116978 |title=The Voracity Effect |journal=[[American Economic Review]] |volume=89 |issue= 1|pages=22–46 |doi=10.1257/aer.89.1.22 }}</ref> and for his measurements of the stocks of foreign assets.<ref>{{cite web| url = http://www.tcd.ie/iiis/pages/people/planedata.php| title = Trinity Research in Social Sciences (TRiSS) - Trinity College Dublin}}</ref><ref>{{cite journal |first1=P. R. |last1=Lane |first2=G. M. |last2=Milesi-Ferretti |title=The External Wealth of Nations |journal=Journal of International Economics |volume=55 |pages=263–294 |doi=10.1016/S0022-1996(01)00102-7 |s2cid=16336716 |url=http://www.tcd.ie/Economics/TEP/2001_papers/TEPNo21PL21.pdf }}</ref>
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 [[Centre for Economic Policy Research|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== Lane appeared regularly in the media prior to his appointment as Governor of the [[Central Bank of Ireland]].<ref>[http://www.iht.com/articles/2008/06/01/business/euro.php IHT, 1 Jun 2008]</ref> 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),<ref name="jim1">{{cite web|url=https://www.tasc.ie/download/pdf/seminar_on_section_110_12th_jan_2017.pdf|title='Section 110' Companies: A Success story for Ireland|publisher=[[Trinity College, Dublin]]|author1=Professor Jim Stewart|author2=Cillian Doyle|date=12 January 2017}}</ref><ref name="jim2">{{cite web|url=https://www.tasc.ie/download/pdf/ireland_global_finance_and_the_russian_connection.pdf|title=Ireland, Global Finance and the Russian Connection|publisher=Professor Jim Stewart Cillian Doyle| date=27 February 2018}}</ref><ref name="rus2">{{cite web|url=https://www.businesspost.ie/news/russian-firms-funnelled-e100bn-dublin-410840|title=How Russian Firms Funnelled €100bn through Dublin|publisher=The Sunday Business Post|date=4 March 2018|access-date=24 November 2018|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612142121/https://www.businesspost.ie/news/russian-firms-funnelled-e100bn-dublin-410840|url-status=dead}}</ref><ref>{{cite web|url=https://www.irishtimes.com/business/media-and-marketing/more-than-100bn-in-russian-money-funnelled-though-dublin-1.3414480|title=More than €100bn in Russian Money funneled through Dublin|publisher=The Irish Times|date=4 March 2018}}</ref><ref name="rus3">{{cite web|url=https://www.irishtimes.com/business/financial-services/a-third-of-ireland-s-shadow-banking-subject-to-little-or-no-oversight-1.3077931?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Ffinancial-services%2Fa-third-of-ireland-s-shadow-banking-subject-to-little-or-no-oversight-1.3077931|title=A third of Ireland's shadow banking subject to little or no oversight|publisher=The Irish Times|date=10 May 2017}}</ref> and that new controls, such as mortgage limits, are being circumvented by Irish banks,<ref name="mt1">{{cite web |url= https://www.irishtimes.com/business/financial-services/mortgages-how-to-get-around-the-central-bank-s-borrowing-rules-1.2614954|title=Mortgages: How to get around the Central Bank's borrowing rules|publisher=Irish Times|date=19 April 2016}}</ref><ref name="mt2">{{cite web |url=https://www.independent.ie/business/personal-finance/borrow-up-to-five-times-your-income-no-probs-30619278.html|title=Borrow up to five times your income? No probs!|publisher=Irish Independent|date=28 September 2014}}</ref> and the Irish State itself.<ref name="hb1">{{cite web|url=https://www.independent.ie/business/personal-finance/property-mortgages/helptobuy-scheme-fuels-surge-in-house-prices-35587647.html|title=Help-to-Buy scheme fuels surge in house prices|publisher=The Irish Independent|date=3 April 2017}}</ref><ref name="hb2">{{cite web|url=https://www.irishexaminer.com/ireland/help-to-buy-scheme-sees-24k-surge-in-house-prices-453951.html|title='Help-to-buy' scheme sees €24k surge in house prices|publisher=The Irish Examiner|date=3 July 2017}}</ref>
==Other activities== 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)<ref>[http://www.imf.org/external/np/sec/memdir/members.aspx Members] [[International Monetary Fund]] (IMF).</ref>
==References== {{Reflist}}
==External links== * [http://www.tcd.ie/iiis/pages/people/plane.php Home page] * [https://web.archive.org/web/20160510135344/http://www.philiplane.org/ Personal Webpage] * [https://ideas.repec.org/e/pla15.html IDEAS/RePEc] * [https://scholar.google.com/scholar?q=philip+lane&hl=en&lr=&btnG=Search Google Scholar]
{{s-start}} {{s-gov}} {{s-bef|before=[[Patrick Honohan]]}} {{s-ttl|title=Governor of the [[Central Bank of Ireland]]|years=2015–2019}} {{s-aft|after=[[Gabriel Makhlouf]]}} |- {{s-bef|rows=2|before=[[Peter Praet]]}} {{s-ttl|title=Member of the [[Executive Board of the European Central Bank]]|years=2019–present}} {{s-inc|rows=2}} |- {{s-ttl|title=Chief Economist of the [[European Central Bank]]|years=2019–present}} {{s-end}}
{{ECB board}} {{Authority control}}
{{DEFAULTSORT:Lane, Philip R.}} [[Category:1969 births]] [[Category:Living people]] [[Category:Alumni of Trinity College Dublin]] [[Category:Columbia University faculty]] [[Category:Executive Board of the European Central Bank members]] [[Category:Governors of the Central Bank of Ireland]] [[Category:Harvard University alumni]] [[Category:20th-century Irish economists]] [[Category:International economists]] [[Category:Macroeconomists]] [[Category:Scholars of Trinity College Dublin]] [[Category:21st-century Irish economists]] [[Category:People educated at Blackrock College]]