Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis

Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis

by John B. Taylor
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Hoover Institution Press
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Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis

In this concise volume, leading economist John B. Taylor offers empirical research to explain what caused the current financial crisis, what prolonged it, and what dramatically worsened it more than a year after it began. The evidence he presents strongly suggests that specific government actions and interventions are largely to blame and that any future government interventions must be based on a clearly stated diagnosis of the problem and a rationale for the interventions.

Product Details

ISBN-13: 9780817949716
Publisher: Hoover Institution Press
Publication date: 02/26/2009
Series: Hoover Inst Press Publication
Edition description: New
Pages: 92
Sales rank: 697,245
Product dimensions: 5.50(w) x 8.20(h) x 1.50(d)

Table of Contents

List of Figures ix; Preface xi; Chapter 1 What Caused the Financial Crisis 1; Chapter 2 What Prolonged the Crisis 15; Chapter 3 Why the Crisis Worsened Dramatically, a Year after it Began 25; Chapter 4 What Went Right in the Two Decades before the Crisis 31; Chapter 5 Why a Black Swan Landed in the Money Market in August 2007 45; Epilogue 61; Frequently Asked Questions 65; References 77; Acknowledgments 81; About the Author 83; Index 87

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Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis 5 out of 5 based on 0 ratings. 6 reviews.
Jazzlover More than 1 year ago
John Taylor should be the next Chairman of the Federal Reserve, as he is most experienced and accomplished working economist in the world today. Dr. Taylor won't be selected, because he is an actual economist in the mold of Friedman, Hayek, Mises and Sowell. In other words, Taylor operates in the real world, rather than in Barack Obama's ideologically constructed fantasy universe, where political gain trumps sound economic policies every time. In this brief, but effectively reasoned book Dr. Taylor dissects and reveals the failed policies that have prolonged what should have been a temporary, cyclical recession into the recovery that continues to produce no jobs, no real growth and more government regulation and bureaucracy.
pontiac_98072 More than 1 year ago
The book is short, not very expensive, and not filled with a bunch of obtuse models. Dr. Taylor describes why he thinks short-term rates jumped up in the fall of 2008. Instead of taking a more numerical route, he spends time describing what can be learned from comparing different interest rates. Those are things you don't run into very often in technical journal articles.
Anonymous More than 1 year ago
John Taylor is the economist behind the Taylor Rule which fine-tunes monetary policy, and which led to a long period of economic stability here and in Europe, before it was abandoned for political reasons. He argues that the arbitrary manipulations of interest rates by the Federal Reserve worsened the Housing Crisis. If his arguments are correct, the return to Keynesian fiscal policy of 2008, and the renewed abandonment of the Taylor rule in monetary policy in 2009, my have dire consequences for the U.S. economy.
Anonymous More than 1 year ago
ScottO49 More than 1 year ago
This is a great book for anyone who wants to gain a greater understanding of what happened to the economy during the period 2007 through 2009. The author, John Taylor, created the "Taylor Rule" as a predictive guide for interest rate policy by the Federal Reserve. In very concise prose, Taylor demonstrates how the Fed departed from its prior policies during the period from 2002 through 2006 and the effect of that departure on the economy. This is a quick read - it was created from papers written by Taylor for various conferences - but is packed with information that anyone who wants to have a greater understanding of how the Fed works or should work. The book presents a convincing case that in a large part the economic problems that culminated in the Great Recession were, and continue to be, the result of Fed policy errors.
traderbill More than 1 year ago
very informative a man whose experience and knowledge should be followed by all in washington and the world at large. blames government for problems and explains why government is not the solution the market is