Author Archives: John Taylor
Happy New Decade!
The Great Recession began exactly one decade ago this month, as later determined by the NBER business cycle dating committee chaired by my colleague, Bob Hall. There is still a great debate about the causes of the Great Recession, its … Continue reading
What’s Past is Prologue. Study the Past
Each year the Wall Street Journal asks friends for their favorite books of the year. Two years ago I chose Thomas Sowell’s history of income distribution in Wealth, Poverty, and Politics and Brian Kilmeade’s history on Thomas Jefferson and the Tripoli … Continue reading
A Policy Rule Presented at a Conference 25 Years Ago Today
Ed Nelson sent me a nice note today saying that the past two days (November 20-21) mark “the twenty-fifth anniversary of the Carnegie-Rochester Conference at which you laid out your rule.” I had forgotten about the specific dates, but his … Continue reading
Posted in Monetary Policy, Teaching Economics
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New Results on International Monetary Policy Presented at the Swiss National Bank
This week I gave the Swiss National Bank’s Annual Karl Brunner Lecture in Zurich, and I thank Thomas Jordan who introduced me and the hundreds of central bankers, bankers, and academics who filled the big auditorium. Karl was a brilliant, … Continue reading
Still Learning From Milton Friedman: Version 3.0
We can still learn much from Milton Friedman, as we celebrate his 105th birthday today. Here I consider what we can learn from his participation in the monetary policy debates in the 1960s and 1970s. I draw from a 2002 … Continue reading
Posted in Monetary Policy
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Debate Over the Very Principles of Economics
Today is the launch of the online version of my Economics 1 course (and namesake of this Blog and my Twitter handle) on the Principles of Economics for summer 2017. This year is also the tenth anniversary of the start … Continue reading
Posted in Financial Crisis, Teaching Economics
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Economics 1 Online. No Charge.
This summer I will be offering my Stanford course Principles of Economics online for free. You can find out more and register for the course, Economics 1, on Stanford’s open on-line platform Lagunita. The course starts at 8 am PT … Continue reading
Posted in Teaching Economics
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A Whole New Section on Policy Rules in Fed’s Report
The Federal Reserve Board’s semi-annual Monetary Policy Report issued by Chair Janet Yellen last Friday contains a whole new section called “Monetary Policy Rules and Their Role in the Federal Reserve’s Policy Process.” The section contains new information and is … Continue reading
Posted in Monetary Policy
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Seeing Through the Fog of Federal Budget Forecasting
Every summer since 2010 I’ve charted the latest Congressional Budget Office (CBO) long-term projection of the federal debt, noting the similarity with the Fourth of July fireworks. But during these years, the CBO has changed its procedures several times, fogging … Continue reading
Posted in Budget & Debt
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Macro Model Comparison Research Takes Off
Last week a new Macroeconomic Modelling and Model Comparison Network (MMCN) was launched with a research conference at Goethe University Frankfurt. Economists from the IMF, the Fed, the ECB, and other central banks presented and compared policy models along with … Continue reading
Posted in Uncategorized
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Economics One 