Tag Archives: Paul Volcker

A Blatant Misuse of History

Writing nearly 40 years ago, historian Ernest R. May warned of the dangers of misusing history for policy purposes.  May was primarily concerned that policy makers drew the wrong lessons from the past. In their opinion piece in yesterday’s Wall … Continue reading

Posted in Financial Crisis, government budget, monetary policy, subprime crisis | Tagged , , , , , , , , | 5 Comments

Ben Bernanke is a much better economist than John Taylor

Writing in Thursday’s Wall Street Journal, John Taylor takes the Federal Reserve to task for its “interventionist” behavior. Taylor’s main complaint with the Fed’s conduct of monetary policy is that it is unstable and unpredictable (verging on the whimsical!).  He … Continue reading

Posted in Financial Crisis, monetary policy | Tagged , , , , | 1 Comment

John Cogan and John Taylor confuse temporary and permanent

In a recently published op-ed piece in the Wall Street Journal, Stanford economists John Cogan and John Taylor argue that: “Temporary, targeted tax reductions and increases in government spending are not good economics. They have repeatedly failed to increase economic … Continue reading

Posted in government budget | Tagged , , , , , , | 1 Comment

All hail Ronald Reagan

Apparently, the editors of the Wall Street Journal have a rule about the number of op-eds each week that praise Ronald Reagan.  I haven’t figured out the exact count yet, but Robert Barro’s piece in Monday’s Journal gets the paper … Continue reading

Posted in Financial Crisis, government budget | Tagged , , , , , , | 1 Comment