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Monetary Policy and the Recent Extraordinary Measures Taken by the Federal Reserve

featuring John B. Taylorvia Committee on Financial Services, U.S. House of Representatives
Thursday, February 26, 2009
Testimony before the Committee on Financial Services 
U.S. House of Representatives 
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Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis

by John B. Taylorvia Hoover Institution Press
Thursday, February 26, 2009

Throughout history, financial crises have always been caused by excesses—frequently monetary excesses—which lead to a boom and an inevitable bust. In our current crisis it was a housing boom and bust that in turn led to financial turmoil in the United States and other countries.

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An Experiment of Great Uncertainty

by Michael J. Boskinvia New York Times
Tuesday, February 10, 2009
We are now experiencing a painful deleveraging resulting from widespread insolvency in financial institutions, which in turn was caused by an
immense volume of loans made on the hope that strong economic growth, rising housing prices and easy short-term credit would continue for many
years. The resulting bubble has now collapsed into a severe recession.
Analysis and Commentary

How Government Created the Financial Crisis

by John B. Taylorvia Wall Street Journal
Monday, February 9, 2009

Research shows the failure to rescue Lehman did not trigger the fall panic.

Analysis and Commentary

'Think Long' to Solve the Crisis

by George P. Shultzvia Wall Street Journal
Friday, January 30, 2009

The current economic crisis must be viewed as a gigantic wake-up call...

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The Euro at Ten

by Michael J. Boskinvia Project Syndicate
Friday, January 23, 2009
The beginning of 2009 will long be remembered for terrible economic news and controversial economic policy in virtually every country. 
Analysis and Commentary

Investors Want Clarity Before They Take Risks

by Michael J. Boskinvia Wall Street Journal
Friday, January 23, 2009

Obama could calm markets with some swift policy moves and reassuring words.

George P. Shultz addresses the Working Group on Global Markets at the Hoover Institution

An Ounce of Prevention . . .

by George P. Shultzvia Hoover Digest
Thursday, January 22, 2009

When their own equity is at stake, people act more responsibly. By George P. Shultz.

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Perspectives on the New Architecture for the U.S. National Accounts

by Michael J. Boskinvia Paper to be presented at the American Economic Association Meetings, San Francisco, California,
Sunday, January 4, 2009
Paul Samuelson once called the National Income and Product Accounts (NIPAs) one of the great inventions of the 20th century.
Analysis and Commentary

Bursting the Bubble

by Michael J. Boskinvia New York Times
Saturday, November 29, 2008

I remember taking a group of business leaders to see President George H. W. Bush in early 1991 to impress upon him the severity of the economic downturn...



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. Read more...


Archive of Working Papers on Economic Policy

Speeches and Testimony

John B. Taylor



George P. Shultz Senior Fellow in Economics
Wohlford Family Senior Fellow
Rose-Marie and Jack Anderson Senior Fellow
Leonard and Shirley Ely Senior Fellow
Senior Fellow
Senior Research Fellow
Thomas W. and Susan B. Ford Distinguished Fellow

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.


Working Group Meeting - March 9, 2018
Working Group Meeting - March 9, 2018

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.

Working Group Meeting - April 9, 2008
Working Group Meeting - April 9, 2008



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.