In the News
How George H.W. Bush governed can teach us all. Roger Porter, Deseret News. See also Porter's George H.W. Bush — the call of competition and character (Boston Globe) and A special bully pulpit (Pittsburgh Post-Gazette).
New associate working paper from Orit Farkash-Hacohen, Facing A Gas Monopoly: The Power Game
Paul Tucker's book Unelected Power featured as an HKS Virtual Book Tour
Parliament prepares as power drains away from Theresa May. Camilla Cavendish, Financial Times
Carbon markets could make the Paris climate deal more effective. Robert Stavins, PBS NewsHour
Washington may bluster but cannot stifle the Chinese economy. Lawrence Summers, Financial Times
Read the Center's Fall 2018 newsletter here (PDF)
After the financial crisis, countries around the world significantly expanded the objectives and powers of central banks. As central banks have acquired more powers, the trade-off between independence and accountability has become more complex and as a result, the pre-crisis academic consensus around central bank independence has broken down and popular discontent towards central banks is growing. Ed Balls, James Howat and Anna Stansbury have co-authored a working paper, Central Bank Independence Revisited: After the financial crisis, what should a model central bank look like?
Paul Tucker, M-RCBG research fellow and chair of the Systemic Risk Council, spoke on this topic at the Annual Robert Glauber Lecture on October 24, 2018: Reinforcing Financial Stability in a Crumbling International Order. Watch the video here.
"It is often said that the chair of the Federal Reserve is the second most important person in Washington. I'm not sure the statement is exactly right, but that it is plausible is, in a sense, remarkable. Why should the second most important person in Washington not be elected by the people or at least directly accountable to and subject to dismissal by elected officials?"
Lawrence H. Summers
Charles W. Eliot University Professor
Director, Mossavar-Rahmani Center for Business & Government
Related: Washington may bluster but cannot stifle the Chinese economy
Out today: Video of Paul Tucker's book "Unelected Powers" on the power of #CentralBankers and discussions with @LHSummers, @DaphnaRenan, Kathleen McNamara, Alberto Alesina & Eric Beerbohm. @PrincetonUPress @bankofengland #EuropeAtHarvard https://t.co/RA43NtE3Fr
Prof. Roger Porter remembers George H.W. Bush in the @BostonGlobe #Bush41 https://t.co/l3hC1FgAFG
#Carbon markets could make the #Paris deal more effective, says @RobertStavins @NewsHour https://t.co/T9Oq153BM1
Out today: Video of Paul Tucker's book "Unelected Powers" on the power of #CentralBankers and discussions with @LHSummers, @DaphnaRenan, Kathleen McNamara, Alberto Alesina & Eric Beerbohm. @PrincetonUPress @bankofengland #EuropeAtHarvard https://t.co/RA43NtE3Fr
#Carbon markets could make the #Paris deal more effective, says @RobertStavins @NewsHour https://t.co/T9Oq153BM1
Prof. Roger Porter remembers George H.W. Bush in the @BostonGlobe #Bush41 https://t.co/l3hC1FgAFG
Out today: Video of Paul Tucker's book "Unelected Powers" on the power of #CentralBankers and discussions with @LHSummers, @DaphnaRenan, Kathleen McNamara, Alberto Alesina & Eric Beerbohm. @PrincetonUPress @bankofengland #EuropeAtHarvard https://t.co/RA43NtE3Fr
Prof. Roger Porter remembers George H.W. Bush in the @BostonGlobe #Bush41 https://t.co/l3hC1FgAFG
#Carbon markets could make the #Paris deal more effective, says @RobertStavins @NewsHour https://t.co/T9Oq153BM1
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