John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He was previously the director of the Stanford Institute for Economic Policy Research and was founding director of Stanford's Introductory Economics Center. He has a long and distinguished record of public service. Among other roles, he served as a member of the President's Council of Economic Advisors from 1989 to 1991 and as Under Secretary of the Treasury for International Affairs from 2001 to 2005. He is currently a member of the California Governor's Council of Economic Advisors.
cogent, thorough and compelling Taylor sums up his argument in his
subtitle: How Government Actions and Interventions Caused,
Prolonged and Worsened the Financial Crisis. Take a moment to
absorb that. Although we're told every day that the crisis arose
from failures in the free markets that it represents a crisis of
capitalism itself--an eminent economist has now stepped forward to
say, in effect, "Nonsense." The markets didn't fail, Taylor argues,
the government did.- Peter Robinson, What Caused the Crisis?
"Forbes.com""
Big problems confront us, and responses of immense size are on the
table. We desperately need a solid and fact-based analysis so that
we get the prescription right. John Taylor provides just that. A
must-read for everyone involved.
- George Shultz, former secretary of Treasury, State, and Labor and
Budget Director
If Milton Friedman and I had written as persuasive an analysis as
this, one year rather than 30 years after the Great Depression
began, the United States might have had a typical recession rather
than the greatest downturn in history.
- Anna Schwartz, author, with Milton Friedman, of "The Great
Contraction, 1929 1933""
John Taylor is one of the very few who points out the errors that
the Federal Reserve made during this difficult period and also
shows how they could avoid them. Members of Congress should read
this book instead of looking for scapegoats in the wrong
places.
- Allan Meltzer, author of "The History of the Federal Reserve"
...cogent, thorough and compelling...Taylor sums up his argument in
his subtitle: How Government Actions and Interventions Caused,
Prolonged and Worsened the Financial Crisis. Take a moment to
absorb that. Although we're told every day that the crisis arose
from failures in the free markets--that it represents a crisis of
capitalism itself--an eminent economist has now stepped forward to
say, in effect, "Nonsense." The markets didn't fail, Taylor argues,
the government did.- Peter Robinson, What Caused the Crisis?
"Forbes.com"
This short volume does a masterful job of tracking the stunning
financial market and macroeconomic events of 2007 and 2008, and it
provides an organizing framework that will enable the specialist
and novice alike to examine these events in a coherent setting.-
James Poterba, Mitsui Professor of Economics at MIT and President
and CEO of the National Bureau of Economic Research
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