BoE: a cutting-hedge treatise on money creation accounting is sought

From: "Kumhof, Michael" @bankofengland.co.uk
To: Marco Saba
CC: "Kapadia, Sujit", "Starkey, Ratidzo", "Barrdear, John", "abt@hi.is"
Subject: Your research proposal submitted via the Bank of England 

Good morning,

I received your submission yesterday, thank you very much. I need to explain that the Bank of England is attempting to produce very high quality economic research with finite resources. The definition of high quality that we have chosen, for better or for worse, is cutting edge academic-style research of either a theoretical or empirical nature. A treatise on the accounting conventions of central and private banks would certainly fall under that heading, but only if it conformed to the highest academic standards of, say, an economics or financial accounting department. If this is what you propose, then we would be interested in having a look, but otherwise, given finite resources, especially given a finite amount of researcher hours available for doing a very large number of demanding projects, we would have to politely decline. 

My best regards,

Michael Kumhof

Senior Research Advisor

The Research Hub

Room 332 HO-2-B-D

Bank of England

Threadneedle Street

London EC2R 8AH