Recent faculty and affiliate news

Lawrence H. SummersThere's a revealing puzzle in the China tariffs. Lawrence H. Summers, Washington Post

Carmen ReinhartExplaining Inflation Inertia. Carmen Reinhart, Project Syndicate

Tim Massad Tim Massad's associate working paper, It's time to strengthen the regulation of crypto-assets; summary here.

Read the Center's Spring 2019 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

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Related: Washington may bluster but cannot stifle the Chinese economy


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