Author Archives: John Taylor
Make Section 2201 of the CARES Act Work in Practice
Section 2201 of the CARES (Coronavirus Aid, Relief, and Economic Security) Act authorizes direct payments, “Recovery Rebates,” to individual households and families. The Section is called the “2020 Recovery Rebates for Individuals” and is estimated to total $300 billion–the sum … Continue reading
Posted in Budget & Debt, Stimulus Impact
Structural, Not Cyclical, Budget Reform
Today I published a column in Project Syndicate on fiscal policy. I am positive about pro-growth effects of the tax reform in the 2017 tax act and of the greater use of cost-benefit analysis in the recent regulatory reform effort. … Continue reading
Posted in Budget & Debt, Fiscal Policy and Reforms
A Fast and Fun Way to Learn about Rules Versus Discretion
The Hoover Institution has initiated a fascinating Perspectives on Policy video series in which experienced experts give clear explanations of key policy issues assisted by the latest in animation technology. This is not the typical video of talking heads as … Continue reading
Posted in Monetary Policy
Congressional Testimony on the Costs of Rapidly Growing Government Debt
Yesterday I testified at the Committee on the Budget of the House of Representative. John Yarmuth chaired, and Steve Womack was the ranking member. The Committee titled the hearing “Reexamining the Economic Costs of Debt,” which was quite different from … Continue reading
Posted in Budget & Debt
9/11/2001 and the 18 Years Since Then
Today we remember September 11, 2001 and all that has happened in the 18 years since then. I was in a hotel room in Tokyo when the first plane hit the World Trade Center, recently sworn in as Under Secretary … Continue reading
Posted in Uncategorized
Economics 1: Now More Important Than Ever
Two weeks from today, I start teaching Economics 1, Stanford’s introductory economics course, and the namesake of this blog and my twitter account. I am looking forward to it, and for the same three reasons that I gave years ago … Continue reading
Posted in Uncategorized
Choice of IMF Managing Director Should Reflect 75 Years of Change
Last week Raghu Rajan and I coauthored an article for the Financial Times. We argued that the IMF should no longer continue the tradition that the Managing Director of the International Monetary Fund be a European. Instead, it should “break … Continue reading
Posted in Uncategorized
A Beautiful Model Now Questioned
A few days ago, an amazing thing happened when Thomas Brand (@thlbr) tweeted about a short article I posted on my blog EconomicsOne.com. My post was old–posted 10 years ago on October 3, 2009–and I titled it “A Beautiful Model, … Continue reading
Posted in Teaching Economics
Central Bank Independence Is Not Enough
Four former chairs of the Fed wrote in the Wall Street Journal today about the importance of Fed independence. I agree, but their article should have emphasized that independence is not enough. Economic performance has been affected by large shifts … Continue reading
Posted in Monetary Policy
Africa Meeting of Econometricians: History, Revival and Ways Forward
I just spent a wonderful few days at the 2019 Africa Meeting of the Econometric Society held in Rabat, Morocco with the central bank, the Bank Al-Maghrib, providing an excellent venue. Congratulations to the Bank Al Maghrib for its 60th … Continue reading
Posted in Financial Crisis, Monetary Policy
