Author Archives: John Taylor
Ideas and Action: A Rules-Based Deal for the IMF
Several months ago in Congressional testimony, in a Wall Street Journal article, in meetings with public officials, and in a post on Economics One, I suggested the idea that “There is room for a deal” on an important IMF reform that … Continue reading
Posted in International Economics
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Learning from Experiences in International Economic Policy
Last week we had a wonderful symposium in celebration of George Shultz’s 95th birthday. Many of George’s friends and colleagues spoke on the theme “Learning from Experience” in economic policy, security policy, social cohesion, and politics. For my part, I spoke of … Continue reading
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Two Good Doses of Basic Economics
The Wall Street Journal asked, 50 “friends–from Gillian Anderson to Nell Zink–to name their favorite books of 2015.” I named two and here’s why: At a time when many politicians, academics and media commentators are focusing on income inequality, Thomas Sowell’s “Wealth, … Continue reading
Posted in Teaching Economics
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The Great Book on Inequality and Economic Policy Thanks to Gary Becker
The year 2015 was another big year for inequality books: Inequality: What Can be Done? by Anthony Atkinson, The Globalization of Inequality by François Bourguignon, Wealth, Poverty and Politics by Thomas Sowell. And now comes another: Inequality and Economic Policy: Essays … Continue reading
Posted in Teaching Economics
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False Claims about Monetary Reforms
In a recent blog post Adam Posen complains about “new legislative efforts” which he claims are “trying to force the Fed to follow strictly a narrow policy rule when setting monetary policy even in normal times—and report to Congress in … Continue reading
Posted in Monetary Policy
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Staggering Neo-Fisherian Ideas and Staggered Contracts
In a recent paper Do Higher Interest Rates Raise or Lower Inflation? and a follow-up post, John Cochrane delves into the “neo-Fisherian” idea that “maybe raising interest rates raises inflation” and lowering interest rates lowers inflation. He starts with a two-equation … Continue reading
Posted in Monetary Policy
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The Fed’s Letter to Congress and the FORM Debate
In advance of a House vote on the Fed Oversight Reform and Modernization (FORM) Act, Fed Chair Janet Yellen sent an open letter to Speaker Paul Ryan and Minority Leader Nancy Pelosi objecting to the legislation and generating a lot of media … Continue reading
Posted in Monetary Policy
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It’s Still Not About Monetary Conspiracy Theories
I see that Paul Krugman is complaining again about an op-ed that Paul Ryan and I wrote in Decmber 2010. I responded to Krugman back in February of this year when his complaints first appeared on his blog and in his … Continue reading
Posted in Monetary Policy
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Doing Away with Evils in the International Financial System, Again
Seventy years ago President Harry Truman signed the Bretton Woods Agreements Act of 1945, officially creating the IMF and the World Bank. As Treasury Secretary Henry Morgenthau put it, the Bretton Woods agreements aimed to “do away with economic evils.” … Continue reading
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Colliding with Bill Dudley at a Crossroads
New York Fed President Bill Dudley and I debated The Fed at a crossroads: Where to go next? at Brookings yesterday, moderated by David Wessel. Bill argued against a more rules-based road ahead for the Fed. I disagreed, but this kind … Continue reading
Posted in Monetary Policy
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Economics One 