Former central banker Paul Tucker is the chair of the Systemic Risk Council, a Fellow at the Harvard Kennedy School, and author of Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State. 


Monetary Policy

Liquidity Regulation and the Size of the Fed’s Balance Sheet

Discussion of paper by Randal K. Quarles on “Liquidity Regulation and the Size of the Fed’s Balance Sheet.” Part of Chapter 7 in Currencies, Capital, and Central Bank Balances, ed. by John H. Cochrane, John B. Taylor, Kyle Palermo. (Hoover Institution Press, 2019)


Central Banking for a Post-Crisis World: Some Thoughts on Independence,Democracy and Legitimacy

The ancient history of Athens provides a point of departure for my remarks today. You do not have to venture far from this conference hall to see two hills central to the foundations of western civilization – of liberal democracy. They carry powerful messages down the centuries.  READ MORE