Author Archives: John Taylor

Janet Yellen’s Speech on Policy Rules

For many years, going back to the days before Google and Google Scholar helped us find and keep track of things, I created a monetary policy rule home page with links to papers, articles and speeches on policy rules, including … Continue reading

Posted in Monetary Policy

A Feature Not a Bug in the Policy Rules Bill

In his opening line of questions for Janet Yellen at the Senate Banking Committee today, Senator Richard Shelby asked about the use of monetary policy rules and the Taylor Rule, apparently referring to the recent policy rules bill (Section 2 … Continue reading

Posted in Monetary Policy

A Review of Recoveries in Contrast

I’ve been tracking the economic recovery with charts and commentaries on this blog since it began in 2009. The simplest but most revealing charts compared and contrasted this recovery with the recovery of the 1980s. Here’s an update of two … Continue reading

Posted in Slow Recovery

It’s Not About Conspiracy Theorizing, It’s About Effectiveness

Yesterday Paul Krugman took some pot shots at an op-ed that Paul Ryan and I wrote nearly five years ago—an op-ed that was critical of quantitative easing. Here’s why Krugman missed his mark and the QE critics are correct. The … Continue reading

Posted in Monetary Policy

Paul Krugman Pontificating on Policy Rules

In a recent blog post Paul Krugman talks a lot about policy rules and the Taylor rule in particular. He complains that “Republicans are pushing to mandate that the Fed follow the so-called Taylor rule.”  But the policy rule legislation that … Continue reading

Posted in Monetary Policy

Reply to Alan Blinder Redux

Alan Blinder has written another Wall Street Journal article criticizing legislation that would simply require the Fed to describe its rule or strategy for monetary policy.  As with his earlier article, Blinder still “shoots at a straw man of his own … Continue reading

Posted in Monetary Policy

A New Fed Centennial Volume with a Twist

As the two year centennial of the founding of the Fed in 1913-14 draws to a close this month, a new centennial volume, Frameworks for Central Banking in the Next Century, is being published as a special issue of the … Continue reading

Posted in Monetary Policy