Author Archives: John Taylor
More on Chapter 11F
My column published last Monday May 3 in the Wall Street Journal “How to Avoid a ‘Bailout Bill’” generated a lot of questions about the idea of a “Chapter 11F,” which I argued is a needed alternative to bailouts. Chapter … Continue reading
Posted in Financial Crisis
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Latest Data Continue To Show Little Impact of Government Stimulus on GDP
The 3.2 percent growth rate of real GDP in the first quarter (released by BEA yesterday) confirms that the recovery is looking more U-shaped than V-shaped. But it also provides further evidence that the stimulus package of 2009 has had … Continue reading
Posted in Stimulus Impact
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Iraq’s Debt Three Years Later
Three years ago, a study of low and declining prices on Iraq’s debt by Michael Greenstone of MIT helped paint a bleak picture of the effectiveness of the surge, as, for example, in this November 2007 New York Times op-ed … Continue reading
Posted in International Economics
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Quantitative Easing at the Fed and the Bank of Japan
Next Thursday March 25 the House Financial Services Committee will hold a hearing on how the Fed should exit from its quantitative easing. This past week I was in Japan discussing the Japanese experience with QE with traders and experts … Continue reading
Posted in International Economics
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Was the “Considerable Period” or the “Measured Pace” More At Fault?
In his recent review in The New York Review of Books of my book Getting Off Track, Roger Alcaly makes a very interesting point about the “too low for too long” hypothesis, according to which the Fed helped cause the … Continue reading
Posted in Monetary Policy
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Milton Friedman Had It Right All Along
The following is a reasonable summary, in my view, of the available evidence on the impacts of discretionary fiscal and monetary policy actions taken before, during, and after the recent financial crisis: The available evidence…casts grave doubt on the possibility … Continue reading
Posted in Teaching Economics
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Why Did Macro Policy in Emerging Market Countries Improve?
The resilience of emerging market economies severely hit by the panic of 2008 is amazing, especially in comparison with the long emerging market crisis period of a decade ago. I have written that the main explanation for this resilience is … Continue reading
Posted in Regulatory Policy
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Good Policy Pays Off In Emerging Markets
“Lessons from the Financial Crisis for Monetary Policy in Emerging Markets” was the title for the 2010 L.K. Jha Lecture, which I gave this week at the Reserve Bank of India in Mumbai. Jha was one of the truly outstanding … Continue reading
Posted in International Economics
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Macro Model Disagreements and Reality
Last Friday Macroeconomic Advisers (MA), a forecasting firm, posted a blog entry responding to empirical work by me and others on the “stimulus act” of 2009. I welcome the discussion, but unfortunately the blog seems to have missed the main … Continue reading
Posted in Stimulus Impact
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Stimulus Anniversary Blogs
With the one year anniversary of the signing of the stimulus it is useful to review the facts and data as they came in during the year. Here are the relevant posts from Economics One. Most look at actual data … Continue reading
Posted in Stimulus Impact
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Economics One 