Author Archives: John Taylor
It’s Not Whether, It’s Why Recovery Has Been So Weak
The June employment report released last Friday marks the 48th month of recovery from the recession which ended back in June 2009. We should be pleased that more jobs were created this June, but the disappointing fact is that job … Continue reading
Posted in Slow Recovery
Leave a comment
CBO Is Late, Fireworks Postponed
For the past several years, I contributed to the 4th of July fireworks by posting (here and here for example) on CBO’s latest explosive debt projections, regularly released as part of its long-term outlook just before Independence Day. But this year the CBO is way … Continue reading
Posted in Budget & Debt
Leave a comment
Make Replication Easy in Economics
An interesting profile “The Dismal Science’s Crusading Voice: Economist Bruce McCullough Continues a Largely Solitary Push to Require Replication in Research” just published in the Wall Street Journal highlights the importance of replication in economics and how elusive that goal … Continue reading
Posted in Teaching Economics
Leave a comment
Toward a Rule for All Seasons
In my article on British monetary policy in yesterday’s Financial Times, I suggested (recommendation 5) that as the Bank of England seeks a way to implement forward guidance it might want to consider a “rule for all seasons” as a … Continue reading
Posted in Monetary Policy
Leave a comment
Thanks Mervyn, for the Adam Smith £20 Note and Many Other Things
With Mervyn King stepping down as head of the Bank of England this weekend there are many good things that can be said and have been said about his public service. (Here is what I said at the conference in … Continue reading
Posted in Monetary Policy
Leave a comment
More on Monetary Policy Before and After the Panic of 2008
Many agree that the provision of liquidity by the Fed during the panic period in the fall of 2008 was helpful in alleviating severe stress in the markets and rebuilding confidence. Most criticism of the Fed pertains to the period … Continue reading
Posted in Monetary Policy
Leave a comment
So Much Spent, With So Little Evidence, By So Few
I listened to Raghu Rajan deliver the first Andrew Crockett Memorial Lecture at the BIS last Sunday (written version here). Raghu’s lecture followed several moving tributes to Andrew’s remarkable contributions to policy at the IMF, the Bank of England, the … Continue reading
Posted in Monetary Policy
Leave a comment
Price Stability and Overvaluation: The Basel Big Mac
Here’s a price list at the McDonald’s on Barfusserplatz in Basel on the day of the BIS annual general meeting one year ago and today. Big Mac cost 6.50 Swiss francs on both days. Now that’s price stability. At an exchange … Continue reading
Posted in International Economics
Leave a comment
The Most FAQ in Basel This Weekend
The most frequently asked question by central bankers at the various gatherings at the BIS annual general meeting in Basel was: Q: What do you think caused the market turbulence last week? And there were nearly as many answers as … Continue reading
Posted in Monetary Policy
Leave a comment
A Monetary Meeting in the Midst of Market Turmoil
The Bank for International Settlements (BIS) held its annual monetary conference in Luzern Switzerland over the past two days. I presented a paper on cross-border monetary policy spillovers, which was unexpectedly and vividly brought to life by the turmoil in … Continue reading
Posted in Monetary Policy
Leave a comment
Economics One 