Paul Tucker is the author of Unelected Power, and GLOBAL DISCORD, a Fellow at the Harvard Kennedy School, and a former central banker.


Monetary Policy

Quantitative easing, monetary policy implementation and the public finances

Now that interest rates are rising, the interaction of quantitative easing (QE) with the Bank of England’s current methods for implementing monetary policy will add to strains on the public finances. These could, and arguably should, have been avoided by prompt, forward-looking action from around 2019 when the materiality of the risk became apparent. As of now, however, there are no easy options. READ FULL PDF

Fiscal, Monetary and Macroprudential Regimes: Incentives-Values Compatibility in Constitutional Democracies

I have been asked to write something about the appropriate institutional structure for monetary, macroprudential and fiscal policies in an environment of persistently low interest rates. That is one important plausible scenario the macroeconomic regime needs to be capable of coping with, but not the only one as we are being reminded by recent inflationary cost shocks and excess demand. There are others too, such as banking crises. READ MORE