~ Monetary Policy Lecture Series ~
Many economists believe that rules-based monetary policy provides better economic outcomes than a purely discretionary framework delivers. But there is disagreement about the advantages of rules-based policy and even disagreement about which rule works. One possible policy rule would be for the central bank to follow a Taylor Rule, named after our featured speaker, John B. Taylor. What would some of the advantages of a Taylor Rule be versus, for instance, a money growth rule, or a rule which only specifies the inflation target? How could a policy rule be implemented? Should policy rule legislation be considered? Join us as Professor Taylor addresses these important policy questions.
John B. Taylor’s academic fields of expertise are macroeconomics, monetary economics, and international economics. He served as Senior Economist on the President’s Council of Economic Advisers from 1976 to 1977 and as a member of the President’s Council of Economic Advisers from 1989 to 1991. He was also a member of the Congressional Budget Office’s Panel of Economic Advisers from 1995 to 2001. Taylor served as a member of the California Governor’s Council of Economic Advisors from 1996-98 and 2005-10. For four years from 2001 to 2005, he was Under Secretary of the Treasury for International Affairs where he was responsible for currency markets, trade in financial services, foreign investment, international debt and development, and oversight of the International Monetary Fund and the World Bank.
More About the Speakers
John B. Taylor, Ph.D.
Mary and Robert Raymond Professor of Economics, Stanford University;
The George P. Shultz Senior Fellow in Economics, The Hoover Institution; and
Director, Introductory Economics Center, Stanford University
Norbert J. Michel, Ph.D.
Research Fellow in Financial Regulations