Author Archives: John Taylor
A Deal and a Step to International Monetary Reform
I make the case in this Wall Street Journal piece and in more detail in Congressional testimony that there’s an opportunity for a deal between the Congress and the Administration on international monetary reform. The case starts with perhaps the … Continue reading
The Raisin Case: A Breeze not a Wind of Economic Freedom
The famous raisin case officially closed last week. As part of an old and ongoing government program to intervene in the raisin market to support the price, the government tried to take raisins away from a California raisin grower, Marvin … Continue reading
Posted in Regulatory Policy, Teaching Economics
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Growth Accounting for a Liberated Recovery
For several years I’ve argued that economic policy is holding the economy back and that a return to the principles of economic freedom would recreate a fast-growing recovery. It’s the subject of my book First Principles, of blogs and a … Continue reading
Posted in Slow Recovery
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Stanford’s Economics 1 Course Open and Online
This summer Stanford will be offering an open online version of my on-campus course Principles of Economics. People can find out more and register for the course, Economics 1, on Stanford’s free open on-line platform. The course starts on Monday (June … Continue reading
Posted in Teaching Economics
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Too Low For Too Long Or Global Saving Glut? Both!
In an interesting new paper, “The U.S. Housing Price Bubble: Bernanke versus Taylor,” forthcoming in Journal of Economics and Business, Abrar Fitwi, Scott Hein, and Jeffrey Mercer examine two possible causes of the housing price boom that preceded the financial … Continue reading
A Reawakening of Monetary Policy Research
Last May a group of economists, central bankers, market participants, and financial journalists convened at Stanford’s Hoover Institution “to put forth and discuss a set of policy recommendations that are consistent with and encourage a more rules-based policy for the Federal … Continue reading
Posted in Monetary Policy, Regulatory Policy
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The Senate Moves Ahead on a Policy Rules Bill
Today the Chairman of Senate Banking Committee, Richard Shelby, released a draft bill entitled “The Financial Regulatory Improvement Act of 2015” covering a wide range of reforms. Like the widely-discussed House policy rules bill (Section 2 of HR 5018 of last … Continue reading
Posted in Monetary Policy, Regulatory Policy
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Surprising Findings at the Macro Handbook Conferences
In order to further progress on the new Handbook of Macroeconomics, which will be published next year, Harald Uhlig and I, the co-editors of the Handbook, hosted two conferences at Stanford and Chicago in April. Harald and I attended both … Continue reading
A Monetary Policy for the Future
Yesterday I spoke at a panel on “Monetary Policy in the Future,” with Ben Bernanke and Gill Marcus at an IMF event Rethinking Macro Policy. A written version of my opening is posted below (longer than my usual post). Ben Bernanke … Continue reading
Posted in Monetary Policy
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Was Janet Yellen Test Driving the Policy Rule Bill?
In a speech last week Fed Chair Janet Yellen made use of policy rules, and in particular the Taylor rule, to explain her views on normalizing policy. This comes on the heels of Fed Vice-Chair Stanley Fischer’s reference to the … Continue reading
Posted in Monetary Policy
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Economics One 