John B. Taylor: “when the Fed is more predictable, steadier, a limited purpose institution, things work better”
John B. Taylor, the George P. Schultz Senior Fellow at the Hoover Institution, discussed what we have learned from the Federal Reserve in the past century in his talk entitled “After 100 Years, What’s Next For the Fed?” He focused on variation in economic performance, changes in de facto independence (noting that there is not much change in de jure independence), and rules-based versus discretionary policies.
