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Policy stability and economic growth : lessons from the great recession / John B. Taylor ; with commentaries by Patrick Minford, Andrew G. Haldane and Amar Radia.

By: Contributor(s): Material type: TextTextSeries: Readings in political economy (Institute of Economic Affairs (Great Britain)) ; 5.Publisher: London : Institute of Economic Affairs, 2016Copyright date: �2016Description: 1 online resource (xix, 85 pages) : illustrationsContent type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 0255367201
  • 9780255367202
  • 9780255367219
  • 025536721X
Subject(s): Genre/Form: Additional physical formats: Print version:: No titleDDC classification:
  • 338.5/4 23
LOC classification:
  • HB3717 .T39 2016eb
Online resources:
Contents:
The authors; Foreword; Acknowledgement; Summary; Tables and figures; 1 Policy stability and economic growth: lessons from the Great Recession; Introduction; The Great Recession compared with earlier recessions; The principles of good policy; Monetary policy: to the Taylor rule and back; Very unruly policy; A return to rules-based policy; References; 2 Questions and discussion; 3 Was failure to follow the Taylor rule enough to cause the crisis?; A commentary on John Taylor's lecture; Patrick Minford; Evaluating John Taylor's particular thesis about the financial crisis.
Did the Taylor rule with inflation targeting fail during and before the crash?John Taylor's plea for a return to predictable rules of policy; Conclusions; References; 4 The need for discretion and rules ; A commentary on John Taylor's lecture; Andrew G. Haldane and Amar Radia; Rules and discretion revisited; Monetary policy rules in practice; Concluding remarks; References; 5 A rejoinder; John B. Taylor; Reference; About the IEA; Figure(1 Great Recession and not-so-great recovery (US); Figure(2 Great Recession and not-so-great recovery (UK); Figure(3 US recession and recovery in early 1980s.
Figure(4 UK recession and recovery in early 1980sFigure(5 Growth rate in first eight quarters of a recovery from previous recessions with a financial crisis (identified by year recession began); Figure(6 Inflation from 1953 to 2013; Figure(7 1965-80: monetary policy not well described by good rules-based policy; Figure(8 Loose-fitting monetary policy; Figure(9 Housing investment versus deviations from the Taylor rule in the euro zone countries, 2001-6; Figure(10 Did the fiscal stimulus stimulate consumption?; Figure(11 Debt to GDP ratio in the US.
Figure(12 Incidence of topics affecting inflation discussed by the MPCFigure(13 Incidence of topics linked to the labour market discussed by the MPC; Figure(14 Distribution of inflation and growth outcomes relative to forecast; Figure(15 Actual and Taylor rule paths for UK interest rates ; Figure(16 Taylor rule paths for UK interest rates with different judgements about the output gap; Figure(17 Taylor rules for UK interest rates with different judgements about weight on output gap; Figure(18 Taylor rules paths for interest rates with different judgements about r*
Figure(19 Bank of England inflation forecastsFigure(20 Taylor rules paths for interest rates with different judgements about forward lookingness; Figure(21 Range of possible Taylor rules based on different judgements; Table(1 Simulated frequencies of crises with different monetary regimes; Blank Page.
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Print version record.

The authors; Foreword; Acknowledgement; Summary; Tables and figures; 1 Policy stability and economic growth: lessons from the Great Recession; Introduction; The Great Recession compared with earlier recessions; The principles of good policy; Monetary policy: to the Taylor rule and back; Very unruly policy; A return to rules-based policy; References; 2 Questions and discussion; 3 Was failure to follow the Taylor rule enough to cause the crisis?; A commentary on John Taylor's lecture; Patrick Minford; Evaluating John Taylor's particular thesis about the financial crisis.

Did the Taylor rule with inflation targeting fail during and before the crash?John Taylor's plea for a return to predictable rules of policy; Conclusions; References; 4 The need for discretion and rules ; A commentary on John Taylor's lecture; Andrew G. Haldane and Amar Radia; Rules and discretion revisited; Monetary policy rules in practice; Concluding remarks; References; 5 A rejoinder; John B. Taylor; Reference; About the IEA; Figure(1 Great Recession and not-so-great recovery (US); Figure(2 Great Recession and not-so-great recovery (UK); Figure(3 US recession and recovery in early 1980s.

Figure(4 UK recession and recovery in early 1980sFigure(5 Growth rate in first eight quarters of a recovery from previous recessions with a financial crisis (identified by year recession began); Figure(6 Inflation from 1953 to 2013; Figure(7 1965-80: monetary policy not well described by good rules-based policy; Figure(8 Loose-fitting monetary policy; Figure(9 Housing investment versus deviations from the Taylor rule in the euro zone countries, 2001-6; Figure(10 Did the fiscal stimulus stimulate consumption?; Figure(11 Debt to GDP ratio in the US.

Figure(12 Incidence of topics affecting inflation discussed by the MPCFigure(13 Incidence of topics linked to the labour market discussed by the MPC; Figure(14 Distribution of inflation and growth outcomes relative to forecast; Figure(15 Actual and Taylor rule paths for UK interest rates ; Figure(16 Taylor rule paths for UK interest rates with different judgements about the output gap; Figure(17 Taylor rules for UK interest rates with different judgements about weight on output gap; Figure(18 Taylor rules paths for interest rates with different judgements about r*

Figure(19 Bank of England inflation forecastsFigure(20 Taylor rules paths for interest rates with different judgements about forward lookingness; Figure(21 Range of possible Taylor rules based on different judgements; Table(1 Simulated frequencies of crises with different monetary regimes; Blank Page.

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