Mini-course: “Problems of Legitimacy for Central Banks in Democracies” with Paul Tucker

  • May 14, 2018

Join us for three stand-alone, interrelated lunch seminars with Sir Paul Tucker, Research Fellow at the Harvard Kennedy School, Chair of the Systemic Risk Council, and former Deputy Governor of the Bank of England.

Sir Paul Tucker is a research fellow at the Harvard Kennedy School of Government and chair of the Systemic Risk Council. He previously served as deputy governor at the Bank of England and as a member of the G20 Financial Stability Board’s Steering Group, chairing a group on Too Big To Fail. In 2014, Tucker was knighted by Britain for his services to central banking. His other current activities including being as a director at Swiss Re, a leading global re-insurer, and of the Financial Services Volunteers Corps.

Sir Paul Tucker’s forthcoming book Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State will be available for purchase and signing.

FREE ADMISSION

LUNCH WILL BE SERVED


Monday, May 14, 12–1 p.m.
Constraining Central Banks in Democracies

Topics addressed will include:

  • The problem of unelected administrative power and (flawed) justifications for it
  • Credible commitment as the key ingredient to constraining administrative power
  • The need for insulation from quotidian politics and the democratic deficit in central banks
  • Why legitimacy matters
  • Tucker’s Principles for Delegation and related implications for antitrust and prudential supervision

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Tuesday, May 15, 12–1 p.m.
Applying the Principles for Delegation

Topics addressed will include:

  • How the Principles fit (or don't) with the constitutional structures and norms of the US, UK, and Germany
  • A new non-delegation doctrine for US
  • The difficulty US has in achieving incentives-values compatibility
  • Examples from utility regulation, and the big problem of securities regulation

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Wednesday, May 16, 12–1 p.m.
The Post-Crisis Central Banks

Topics addressed will include:

  • Is monetary policy independence out of date?
  • Balance sheet policy
  • Central banks as lenders of last resort
  • The role of an ethic of self-restraint

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All seminars take place from 12 to 1 p.m. in Harper Center, Room 104 (5807 S Woodlawn Ave)