Author Archives: John Taylor
Lessons Learned from Ben Bernanke’s Policy Rule Discussion at the Senate
At yesterday’s hearing before the Senate Banking Committee, Fed Chairman Ben Bernanke talked about monetary policy rules in response to a series of questions by Senator Pat Toomey. First, the Chairman stated that the Taylor Rule calls for interest rates … Continue reading
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Goldman Sachs Wrong About Impact of House Budget Proposal
Some claim that House budget proposal H.R. 1 to reduce the growth of federal government spending will cause a slowdown in the economy and even increase unemployment. Consider, for example, a recent report by Alec Phillips of Goldman Sachs which … Continue reading
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2011 is the New 2008 in Federal Budget Debate
If history is any guide, we are about to hear scores of scare stories about the harm caused by the spending reductions in the 2011 budget resolution (H.R.1) passed by the House early this morning. Maybe you’ve already heard how … Continue reading
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The Empty Chairs at the ARRA Hearing
Two years ago this week the 2009 stimulus package was enacted into law, and, to examine its effects, the House Committee on Oversight—Subcommittee on Regulatory Affairs held a hearing chaired by Jim Jordan of Ohio and ranking Member Dennis Kucinich … Continue reading
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Is the House on Track to Reverse the Spending Binge?
The goal of the new House leadership is to reverse the spending binge of the past three years. They have already laid out the first step: the House Appropriations Committee has agreed to spending levels for nondefense discretionary spending for … Continue reading
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The Monetary Reform Debate is Joined
The Atlanta Fed, through its “macroblog,” has joined the discussion about reform of the Federal Reserve. It’s a good discussion to have. David Altig, Senior Vice President of the Federal Reserve Bank of Atlanta and main blogger, wrote the latest … Continue reading
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Learning From Monetary Mistakes and Doritonomics
Following the financial crisis, it is understandable that central bankers want better advice from economists and their economic theories, as Mojmir Hampl of the Czech central bank writes this week in the European Opinion section of the Wall Street Journal. … Continue reading
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Clarifying the Debt Limit Issues
Last Friday I spoke at a conference at the Reagan Presidential library where over 50 currently serving members of Congress–including many new members–met to discuss the future. One of the big issues was the debt limit, which has already been … Continue reading
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More on a Two-Track Plan to Restore Growth
The Wall Street Journal’s choice of a headline for my op-ed last Friday “A Two-Track Plan to Restore Growth,” was a great way to pair the proposed fiscal reform with the proposed monetary reform. The Congress and the President would … Continue reading
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A Law Might Speed Up the Taylor Cycle
The phrase in the headline above concludes Amity Shlaes’s “amazingly thorough” article (quoting AEA President Orley Ashenfelter here) on the long cyclical swings between rules and discretion which I documented in a speech at the annual AEA-AFA luncheon in Denver … Continue reading
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Economics One 