Search Results for: john taylor

This paper explains John Taylor’s view that if only central banks committed to monetary policy rules, international monetary disorder, and indeed large-scale capital flows, would be eradicated. It’s an extension of his earlier argument that the US’ financial crisis and … Continue reading →

John Taylor has published Wall St Journal Piece rounding on Bernanke’s blog.  Some new points and some points repeated follow…. JT claims that the Taylor Rule emerged from ‘two decades of research on optimal policy’.  I think it’s important that … Continue reading →

John Taylor [here/here] recently reiterated his views on what caused the global financial crisis. He contends the following.  That the Great Moderation was due to adherence to the Taylor Rule [and to ‘rules-based’ fiscal policy].  That during the early 2000s, … Continue reading →

This post responds, though JT directs his fire at Paul Krugman, not myself. JT points out that the legislation isn’t designed to pressure the Fed to follow the Taylor Rule. This defence is hollow. JT thinks the crisis was caused … Continue reading →

Paul Krugman picks up on my post about proposed legislation to get the Fed to pick a policy rule.  The legislation is being championed by John Taylor because he thinks that the reason we got into this mess was because … Continue reading →

Well, not quite, but it was worth it for the headline.  In this post, John Taylor cites recent work by Erceg and Levin at the Board of Governors, pointing out that headine unemployment rates are a bad indicator of true … Continue reading →

  [Title amended to copy Noah Smith’s catchier tweet of this post] I am just back from a conference on uncertainty hosted by the Federal Reserve Bank of Dallas.  John Taylor spoke over lunch about what he thought the causes … Continue reading →

John Cochrane recently responded on his blog to the news that Congress were going to debate that the Fed be required by legislation to choose a monetary policy rule, and stick to it, justifying when and why it departs from … Continue reading →

Adam Posen and John Taylor have exchanged posts on the Fed Oversight Reform and Modernization Act.  The AP criticism of the Act, in a nutshell, is that discretion is better than rules:  that the Act would constrain the Fed to … Continue reading →

Steve Williamson responds to my post asking whether it was sticking to the Taylor Rule that got us into the mess [the opposite of John Taylor’s contention, that it was departing from it that was the problem!]. Two points by … Continue reading →