Author Archives: John Taylor
Restoring Prosperity
During the past two days, economists from around the world gathered at the Hoover Institution to focus on the crucial problem of how to restore prosperity. They took stock of lessons from past experiences in the US and Europe, and … Continue reading
Posted in Regulatory Policy, Slow Recovery
Benefits of Comparing Policy with Reference Rules
In a recent VOX article, Henrike Michaelis and Volker Wieland write favorably about the approach taken by Fed Chair Janet Yellen in a recent speech where she compares recent Fed policy actions with several monetary policy rules—including the Taylor rule—much … Continue reading
Posted in Monetary Policy
Monetary Policy Strategy Statements Should Have a Strategy
At its meeting this week the Fed decided not to post changes in its “Longer-Run Goals and Monetary Policy Strategy” as might have been expected as part of its annual organizational meeting actions as it did last year at this … Continue reading
Posted in Monetary Policy
Good Progress on Describing and Comparing Monetary Strategies
Janet Yellen visited San Francisco and Stanford last week. She gave two interesting talks about monetary policy, which together, in my view, break new ground, and are worthy of more discussion. At the Commonwealth Club in San Francisco she briefly … Continue reading
Posted in Monetary Policy
The Room Where It Happens
I enjoy the nexus between the world of ideas and the world of action, probably because I have gone back and forth between those two worlds several times as described here. There is nothing more rewarding then developing ideas and … Continue reading
Posted in Teaching Economics
Show Us Your Model and Your Method
In a Wall Street Journal op-ed today I addressed claims made by Neel Kashkari in an earlier op-ed about rules-based monetary reforms, showing that his claims that the reforms were mechanical or computer-run were simply false and misleading. Kashkari mentioned … Continue reading
Posted in Monetary Policy
Unconventional Monetary Policy, Normalization, and Reform
This week the Monetary Policy Subcommittee of the House Financial Services Committee held a hearing on “Unconventional Monetary Policy.” Charles Plosser, Mickey Levy, Simon Johnson and I testified. It was a good hearing with pertinent questions by Members of Congress, … Continue reading
Posted in Monetary Policy
