Author Archives: John Taylor
A Diverse and Wide Open Hearing on Fed Reforms
The House Domestic Monetary Policy subcommittee, with Ron Paul in the chair, is holding hearings tomorrow (May 8) on six proposed bills to reform the Fed. The bills are remarkably diverse ranging from Ron Paul’s Federal Reserve Board Abolition Act … Continue reading
Posted in Monetary Policy
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Talk about Economic Successes and Follies
Russ Robert’s latest EconTalk is about my new book First Principles. As with so many of Russ’s EconTalk interviews, he quickly gets to the heart of the matter and spends a good part of interview on the “naming names” sections … Continue reading
Posted in Regulatory Policy
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Debate and Evidence on the Weak Recovery
Last week’s GDP release is yet more evidence that this recovery has been remarkably weak, and has been so from the start—averaging only 2.4 percent in the 11 quarters since the recovery began. See my updated charts below with a comparison … Continue reading
Posted in Slow Recovery
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New Model Validation of Stimulus Impacts
A paper just published in the American Economic Journal: Macroeconomics sheds additional light on the Keynesian multiplier debate, which has surged since the 2009 stimulus package—ARRA—was enacted. In January 2009 Christina Romer and Jared Bernstein released a widely-cited paper showing … Continue reading
Posted in Stimulus Impact
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References to Policy Rules in a Speech by the Fed Vice Chair
In a speech to the Money Marketeers in New York City this past week, Fed Vice Chair Janet Yellen gave a useful description of how she and other policy makers are thinking analytically about monetary policy. The speech referred extensively … Continue reading
Posted in Monetary Policy
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Policy Failure and the Great Recession
The debate about the causes of the financial crisis and the great recession will continue for many years, and the facts and analysis that Robert Hetzel put forth in his new book The Great Recession: Market Failure or Policy Failure? should now be … Continue reading
Posted in Regulatory Policy
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A Little Dynamic Scoring of the House Budget
In a recently released report the Congressional Budget Office calculated how debt reduction with the House Budget Resolution (which just passed the House today), would affect GNP in the United States. The CBO took the spending and tax parameters from the … Continue reading
Posted in Fiscal Policy and Reforms
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More Debates about the Stimulus Debate
In a blog post yesterday Paul Krugman repeats a claim made by Christina Romer (in footnote 18 of a speech at Hamilton College last November) which he says answers “in devastating fashion” the empirical paper by John Cogan and me which shows that … Continue reading
Posted in Stimulus Impact
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Debating Stimulus and Harvard and Stanford
Larry Summers and I debated “Did Fiscal Stimulus Help the Economy?” at Harvard this week. There was no video streaming or recording, and I will not try to summarize the back and forth (which the overflow crowd seemed to enjoy), … Continue reading
Posted in Stimulus Impact
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Getting Off Track and the Panic of 2008 Revisited
In a recent blog Paul Krugman, borrowing from the Economics of Contempt, takes on John Cochrane and me for our interpretations of the events leading up to the panic of 2008, and in particular my point that it was not the … Continue reading
Posted in Financial Crisis
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Economics One 