POLICY STABILITY & ECONOMIC GROWTH: LE Format: Paperback

John Taylor is one of the foremost economists of our generation. His ideas were implemented in central banks across the world during the period of price stability, economic growth and financial stability that followed the 1980s. This period culminated in the financial crisis of 2008 which was followed by a very slow recovery which, seven years on, can hardly be said to be complete. This book presents Taylor's view of the financial crisis and its aftermath.Taylor argues that deviating from strict policy rules, both before and since the crisis, contributed to the events of 2008-13 and, especially, the very slow recovery in national income after the financial crisis. Furthermore, in other areas of government activity, such as regulation and law-making more generally, instability is being created, which is very bad for the economy.

Professor John B. Taylor is the Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution. John Taylor’s academic fields of expertise are macroeconomics, monetary economics and international economics. In particular, he is known for his research on the foundations of modern monetary theory and policy. He has served on the US President’s Council of Economic Advisors, the US Congressional Budget Office’s panel of Economic Advisors and the California Governor’s Council of Economic Advisors. From 2001 to 2005, John Taylor was Under Secretary of the US Treasury for International Affairs, where he was responsible for, amongst other things, currency markets, trade in financial services and oversight of the International Monetary Fund and the World Bank.