GORDON BROWN’S admiration for America is well-known. Whether it is summering on Cape Cod or boning up on the latest in post-neo- classical endogenous growth theories, the Chancellor is a confirmed fan of the physical and intellectual life of the world’s only superpower.

Less well-known is that this affection is, at least in one important measure, requited. When it comes to Mr Brown’s handling of monetary policy and the Bank of England, there is no shortage of keen fans among the biggest names in American economics. Many prominent monetary policy experts, including Ben Bernanke, the new Chairman of the Federal Reserve, are open admirers, not only of the Chancellor’s decision to give the Bank independence nine years ago, but of the framework set up by the Treasury for the Bank.

Indeed, some think the Bank, with its explicit inflation target and its transparent approach to monetary policymaking — through the detailed forecasts of the Inflation Report, for example — could teach the US a thing or two about its own monetary policy operation.

Mr Bernanke, when he was a Fed board member two years ago, was a leading figure in pushing the Fed to be more open. A year ago it began emulating the Bank’s early publication of monetary policy committee minutes. As effective as it has been, the Alan Greenspan model of flexible but somewhat authoritarian policymaking is widely seen as not ideally suited to the needs of a major modern economy.

Furthermore, Mervyn King, the Bank’s Governor, is almost universally admired among American economists. A regular on the international conference circuit, Mr King is seen as a model central banker.

So, there should in principle be no shortage of American economists willing to come and spend a few years gaining hands-on experience of conducting policy. But it may not be that easy to get one of the best minds to come to Threadneedle Street. Spending three days a week in the UK might not be an attractive proposition for prominent economists in the top US universities. Taking leave to serve in government is common in the US, but tricky in this case. Most US universities insist that such periods be limited to two years.

And there’s one other problem. There’s currently a vacancy at the Fed for a vice-chairman. US economists may prefer the Bank’s approach to the Fed’s, but they’d still rather help to set dollar interest rates than sterling ones.

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