Two former Bank of England big hitters have gone toe-to-toe on Twitter over each other's economic credentials, as one reveals he is going for the governor's job which comes vacant in July 2013.

Andrew Sentance, who was a member of the Bank's monetary policy committee (MPC) from 2006 to 2011, and Danny Blanchflower, MPC member from 2006 to 2009, traded blows in a heated exchange about central bank policy.

"Andrew Sentance declares himself candidate for governor of BoE. He is as qualified as the person who nominated him," Blanchflower wrote in a catty tweet.

Sentance, who works for PriceWaterhouseCoopers as a senior economic adviser, said he is campaigning for the governor position on a ticket of "stable prices and low inflation".

He has also spoken out against the latest round of quantitative easing from the Bank of England - which takes the total since January 2009 to £375bn - because of inflationary fears and that the previous stimulus appears not to have worked.

"At least need to raise inflation target to at least 4 percent and broaden remit to growth now. Inflation irrelevant. AS wrong," said Blanchflower, who is an economics professor at Dartmouth College in New Hampshire, US.

"Sentance no clue about what to do - no risk of inflation."

Sentence hit back.

"'No risk of inflation'? Persistent high UK inflation since 05/6, squeezing growth, yet song remains the same," he tweeted.

"So the DB agenda is clear - debauch the value of money with high inflation. Been there, done that in the 70s!"

Mervyn King, the current governor of the Bank of England, will step down in summer 2013 once his term ends.

Sentance is in the running to take over, though Gus O'Donnell, the head of the civil service, and incumbent deputy governor Paul Tucker are the hot favourites.