Economic Policy Working Group

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Economic Crisis
Featured Commentary

John Taylor's Reply to Alan Blinder

by John B. Taylorvia Wall Street Journal
Monday, July 21, 2014

In a Wall Street Journal op-ed on July 18 called "An Unnecessary Fix for the Fed," economist Alan Blinder takes aim at legislation now under consideration in the House of Representatives to amend the Federal Reserve Act. Mr. Blinder focuses on what he calls the "meat-and-potatoes" of H.R. 5018: Section 2, Requirements for Policy Rules for the Federal Open Market Committee, which would require the Fed to submit to the Congress and the American people its rule or strategy for monetary policy.

US Economy
Featured Commentary

How to Spark Another 'Great Moderation'

by John B. Taylorvia Wall Street Journal
Tuesday, July 15, 2014

Sound money and free markets go hand in hand. In 1776, Adam Smith wrote of the importance of rules for "a well-regulated paper-money" in "The Wealth of Nations." In 1962, Milton Friedman made the chapter "Control of Money," with its rationale for monetary rules, a centerpiece of "Capitalism and Freedom."

Other Media

John Taylor Testified Before the House Committee on Financial Services (00:55:45)

by John B. Taylorvia U.S. House Committee on Financial Services
Friday, July 11, 2014

Senior Fellow John B. Taylor testified before the House Financial Services Committee on monetary policy legislation.

Federal Reserve
Other Media

House Republicans Resume Efforts to Reduce Fed’s Power

quoting John B. Taylorvia New York Times
Thursday, July 10, 2014

House Republicans frustrated by the Federal Reserve’s expansive economic stimulus campaign and its growing role as a financial regulator are renewing their efforts to constrain the central bank.

Interest Rates
Interviews

John Taylor on Squawk Box

interview with John B. Taylorvia CNBC - Squawk Box
Thursday, July 10, 2014

Senior Fellow John B. Taylor discussed monetary policy legislation on CNBC’s Squawk Box.

Federal Reserve
Other Media

US House GOP Set To Give Fed 100th Birthday Political Spanking

mentioning John B. Taylorvia MNI News
Tuesday, July 8, 2014

The House Financial Services Committee's Republican majority is prepared to celebrate the Federal Reserve Board's 100th birthday with a political spanking of sorts, as the panel discusses legislation Thursday that requires the central bank to craft a monetary policy "rule" and adhere to it except under dire circumstances.

Economics Concept
Interviews

John Taylor on the John Batchelor Show

interview with John B. Taylorvia John Batchelor Show
Tuesday, July 8, 2014

Senior Fellow John Taylor discussed the economy on the John Batchelor Show, co-hosted by CNBC's Larry Kudlow.

Economics Abstract
Blogs

New Legislation Requires Fed to Adopt Policy Rule

by John B. Taylorvia Economics One
Monday, July 7, 2014

A lot of research and experience shows that more predictable rules-based monetary policy leads to better economic performance—both in terms of price stability and steadier-stronger employment and output growth.  But in practice there have been big swings in Fed policy between rules and discretion, with damaging results as in the 1970s and the past decade of a financial crisis, great recession and slow recovery.  

The Federal Reserve
Interviews

John Taylor on the Larry Kudlow Show ( 83:33)

interview with John B. Taylorvia Larry Kudlow Show
Saturday, July 5, 2014

Senior Fellow John Taylor discussed his Wall Street Journal piece, “The Fed Needs to Return to Monetary Rules,” on the Larry Kudlow Show.

Federal Reserve
Interviews

John Taylor on The Hays Advantage

interview with John B. Taylorvia Bloomberg Radio
Wednesday, July 2, 2014

Senior Fellow John Taylor discussed his Wall Street Journal piece, “The Fed Needs to Return to Monetary Rules,” on Bloomberg Radio’s The Hays Advantage.

Pages

Op-ed Articles and Columns

Working Papers on Economic Policy

Speeches and Testimony

John B. Taylor

Books

Media

The impact of the cultural obstacles created by the euro’s implementation  is on

Policy Seminar on the economic situation in Europe

Tuesday, July 1, 2014

Policy Seminar on the economic situation in Europe
Guest Speaker: Fabrizio Saccomanni (former deputy governor of the Bank of Italy and former minister of economy and finances of Italy), and Volker Wieland (professor of monetary theory and policy at Goethe University of Frankfurt, the Willem Duisenberg Research Fellow at the European Central Bank, and member of the German Council for Economic Experts)

Event
Economic Growth Concept

Frameworks for Central Banking in the Next Century

Thursday, May 29, 2014 to Friday, May 30, 2014
Hoover Institution

The main unifying theme of the conference is that successful policy requires that central bankers’ decisions be based on clearly-understood rules—including legal limits, institutional structures, mandates, traditions, procedures, or formulas—and not solely on discretion. 

Event
The Lincoln Memorial is closed due to the federal government shutdown

Policy Seminar with Bob Hall

Thursday, April 24, 2014

Policy Seminar on “Quantifying the Lasting Harm to the U.S. Economy from the Financial Crisis
Guest Speaker: Bob Hall (Hoover Institution Senior Fellow and Professor of Economics)

Event

Policy Seminar on “Possible Lessons for Economic and Financial Regulation Based on the Experience of INPO”

Monday, March 17, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Admiral James Ellis (retired 4-star United States admiral and former chief executive officer of the Institute of Nuclear Power Operations (INPO))

Event

Policy Seminar on Financial Regulatory Reform...Getting It Right

Monday, March 10, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Duncan Niederauer (CEO of the New York Stock Exchange).

Event

Policy Seminar on “Obamacare and Labor Markets”

Wednesday, February 19, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Casey Mulligan (Professor in Economics and the College at the University of Chicago)

Event

Policy Seminar on “An Analysis of Current Monetary Policy”

Tuesday, February 11, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speaker: Jeffrey Lacker (President of the Federal Reserve Bank of Richmond)

Event

Symposium on Monetary Policy Reform

Monday, January 13, 2014
George Shultz Conference Room, Herbert Hoover Memorial Building

Summary of Hoover' Economic Policy Meeting January 13, 2014
Guest Speakers: Michael Bordo, Allan Meltzer, George Shultz, and John Taylor

Event

Policy Seminar on the Affordable Care Act Rollout and Its Effects on the Health Care and the Economy

Monday, December 16, 2013
George Shultz Conference Room, Herbert Hoover Memorial Building

Guest Speakers: Jay Bhattacharya (Associate Professor of Medicine, Stanford University), John Cogan (Hoover Institution Senior Fellow and Professor of Public Policy), Alain Enthoven (Professor of Public Policy and Private Management, Emeritus and CHP/PCOR Core Faculty Member), Dan Kessler (Hoover Institution Senior Fellow, Professor, Stanford GSB and Stanford Law School, and by courtesy, of health research and policy in the Stanford School of Medicine)

Event

The US Financial System—Five Years after the Crisis

Tuesday, October 1, 2013
Simulcast from Washington, DC, and Stanford, California

Joint Conference of the Brookings Institution and the Hoover Institution: 

Event

Pages

The Working Group on Economic Policy brings together experts on economic and financial policy at the Hoover Institution to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

 

For twenty-five years starting in the early 1980s, the United States economy experienced an unprecedented economic boom. Economic expansions were stronger and longer than in the past. Recessions were shorter, shallower, and less frequent. GDP doubled and household net worth increased by 250 percent in real terms. Forty-seven million jobs were created.

This quarter-century boom strengthened as its length increased. Productivity growth surged by one full percentage point per year in the United States, creating an additional $9 trillion of goods and services that would never have existed. And the long boom went global with emerging market countries from Asia to Latin America to Africa experiencing the enormous improvements in both economic growth and economic stability.

Economic policies that place greater reliance on the principles of free markets, price stability, and flexibility have been the key to these successes. Recently, however, several powerful new economic forces have begun to change the economic landscape, and these principles are being challenged with far reaching implications for U.S. economic policy, both domestic and international. A financial crisis flared up in 2007 and turned into a severe panic in 2008 leading to the Great Recession. How we interpret and react to these forces—and in particular whether proven policy principles prevail going forward—will determine whether strong economic growth and stability returns and again continues to spread and improve more people’s lives or whether the economy stalls and stagnates.

Our Working Group organizes seminars and conferences, prepares policy papers and other publications, and serves as a resource for policymakers and interested members of the public.

 


Contacts

For general questions about the Working Group, please contact John Taylor or his assistant Marie-Christine Slakey at (650) 723-9677. For media inquiries, please contact our office of public affairs.