In the News
The Trump Tax Cuts Boosted Growth and Jobs, but at What Cost? Jason Furman, Wall Street Journal
We must prepare now for the likelihood of a recession. Lawrence Summers, Financial Times
An economist's take on the Poland climate conference: The glass is more than half full. Robert Stavins, The Conversation
Paul Tucker's book Unelected Power featured as an HKS Virtual Book Tour
Huawei and Europe's 5G Conundrum. Philippe Le Corre, The National Interest
New associate working paper from Orit Farkash-Hacohen, Facing A Gas Monopoly: The Power Game
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
To avoid government shutdowns, fix the budget process, says @LJBilmes in the @BostonGlobe: https://t.co/jVlMZUtcrL
To avoid government shutdowns, fix the budget process, says @LJBilmes in the @BostonGlobe: https://t.co/jVlMZUtcrL
To avoid government shutdowns, fix the budget process, says @LJBilmes in the @BostonGlobe: https://t.co/jVlMZUtcrL
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