Author Archives: John Taylor
Learning from the Great Inflation
Many are worried that the exploding Federal debt and the expanded Federal Reserve Balance sheet will lead to a large increase in inflation. But when and how fast? A session at the recent American Economic Association meetings on the Great … Continue reading
Posted in Monetary Policy
Comments Off on Learning from the Great Inflation
Ben Bernanke’s AEA Speech
On New Years Day I wrote a piece on the surprising increase in the number of references to the Taylor rule in 2009. Little did I know that two days later Federal Reserve Board Chairman Ben Bernanke would start off … Continue reading
Posted in Monetary Policy
Comments Off on Ben Bernanke’s AEA Speech
From Woodford to DeLong On Monetary Policy Rules
Surprisingly, the Taylor rule was referred to more frequently than ever in 2009. According to Google Scholar more articles referred to it than in any year since 1993 when John Lipsky, now First Deputy Managing Director at the IMF, first … Continue reading
Posted in Monetary Policy
Comments Off on From Woodford to DeLong On Monetary Policy Rules
Measuring the Impact of the Stimulus Package with Economic Models
It’s been nearly a year since the stimulus package of 2009 was passed. Unfortunately most attempts to answer the question “What was the size of the impact?” are still based on economic models in which the answer is built-in, and … Continue reading
Posted in Stimulus Impact
Comments Off on Measuring the Impact of the Stimulus Package with Economic Models
Implications of the Crisis for Introductory Economics
People ask how I think introductory economics teaching should change as a result of the financial crisis. It’s an important question. At the upcoming American Economic Association Annual Meetings, my colleague Bob Hall, next AEA President and Program Director, has … Continue reading
Posted in Teaching Economics
Comments Off on Implications of the Crisis for Introductory Economics
Financial Crisis Inquiry Commission Gets Started
Today the Financial Crisis Inquiry Commission announced its first public hearing, which will start at 9 am on January 13 and continue through January 14. The topic: Causes and Current State of the Financial Crisis. That public hearings are about … Continue reading
Posted in Financial Crisis
Comments Off on Financial Crisis Inquiry Commission Gets Started
Estimating the Impact of the Fed’s Mortgage Portfolio
Some of the big questions looming about the Fed’s exit strategy are if, when, and at what pace the Fed should draw down its huge portfolio of mortgage backed securities (MBS). At its meeting last week the Federal Open Market … Continue reading
Posted in Monetary Policy
Comments Off on Estimating the Impact of the Fed’s Mortgage Portfolio
David Wessel’s Doubts About “Whatever It Takes”
Big Think is conducting a series of video interviews with economists, market participants, journalists, policymakers and others on the financial crisis to try to answer the pressing question of “what went wrong.” This is an excellent idea. As former Treasury … Continue reading
Posted in Monetary Policy
Comments Off on David Wessel’s Doubts About “Whatever It Takes”
A Perfect Storm or It’s Not My Fault?
This past week we held a conference on Ending Government Bailouts As We Know Them. One of the biggest surprises coming out of the conference was the growing recognition that the bankruptcy process–perhaps amended with a new Chapter 11F–is quite … Continue reading
Posted in Financial Crisis
Comments Off on A Perfect Storm or It’s Not My Fault?
Sin Rumbo
The just-released Spanish translation of my book, Getting Off Track, is titled Sin Rumbo, which translates back to English as “without direction” or “aimlessly.” Although the Spanish title has a somewhat different connotation than the English, it is actually an … Continue reading
Posted in Teaching Economics
Comments Off on Sin Rumbo
Economics One 