Author Archives: John Taylor
Ending Government Bailouts As We Know Them
Fears of potential damage from the failure of a large financial institution has created a bailout mentality in which the U.S. government has committed many billions of dollars, intervened in the operations of scores of private firms, and caused excessive … Continue reading
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The Great YouTube Economics Contest
Sponsored byThe Federal Reserve Bank of St. Louis
Posted in Teaching Economics
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And the Answer Is…Productivity
I teach Economics 1 with an “audience response system” similar to the ones you see on TV game shows. Think of the “Lifeline” on “Who Wants to be a Millionaire?” Each student in the lecture has a little hand-held transmitter. … Continue reading
Posted in Teaching Economics
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Despite claims, data continue to show small impact of stimulus
Debate about the impact of the $787 billion stimulus continued this week. “Thanks largely to the Recovery Act,” Larry Summers argued, “we have walked a substantial distance back from the economic abyss and are on the path toward economic recovery.” … Continue reading
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Speaking of Monetary Policy Rules
This was another week with a lot of commentary on the Taylor Rule, and I am grateful to Jon Hilsenrath of the Wall Street Journal for suggesting an interview with me on the subject and posting it on Wednesday. He … Continue reading
Posted in Monetary Policy
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Golden Balls and Duopoly: Shocking or Predictable?
Want to see an amazing illustration of how the game theory model of duopoly works? Watch this video from the British TV show Golden Balls. In the classic case of duopoly, two firms (call them Sarah and Steve) produce and … Continue reading
Posted in Teaching Economics
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A Teachable Moment
The awarding of the Nobel Prize in economics is always a teachable moment. This year’s award is no exception. It recognizes research on “economic governance” and goes to Elinor Ostrom for her work on “the commons” and to Oliver Williamson … Continue reading
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Fuori Strada
This cover design of Fuori Strada: Como lo Stato ha causato, prolungato e aggravato la crisi finanziaria, the just released Italian edition of Getting Off Track, says it all, and the economic policy lessons are the same in any language: … Continue reading
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To Prevent Bubbles, Don’t Create Them
In their widely-cited Wall Street Journal column last week, Ian Bremmer and Nuriel Roubini argue that to prevent asset price bubbles in the future the Fed should focus on “properly calculating asset prices and the risk of asset bubbles according … Continue reading
Posted in Monetary Policy
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Taking Stock at the Fed
Yesterday and today, three economists (Andrew Levin, Chris Erceg and Mike Kiley) who work on the staff of the Federal Reserve Board graciously hosted a big gathering of monetary economists from around the world. The get together was held on … Continue reading
Posted in Monetary Policy
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Economics One 