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The Financial Crisis And The Policy Responses : An Empirical Analysis Of What Went Wrong.pdf

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Preview of The Financial Crisis and the Policy Responses : An Empirical Analysis of What Went Wrong
🔗 Source: bankofcanada.ca
📊 Size: 1.34 MB
👤 Author: John B. Taylor
⬇️ Downloads: 208

Summary

John B. Taylor's empirical analysis suggests that specific government actions and interventions were the primary cause of the financial crisis, its prolongation, and its dramatic worsening. The crisis was triggered by a housing boom and bust, resulting from monetary excesses, particularly the Federal Reserve's loose-fitting monetary policy from 2000 to 2006. Taylor's research shows that the Fed's interest rate decisions deviated significantly from the Taylor rule, a policy rule that had worked well during the "Great Moderation" period. This deviation led to an unusually low interest rate, which accelerated the housing boom and ultimately caused the bust. Statistical evidence and regression techniques support the argument that monetary policy was a key cause of the boom and the crisis. A counterfactual simulation suggests that if the Fed had followed the Taylor rule, there would not have been a significant housing boom and bust.

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  • File Format: PDF
  • File Size: 1.34 MB
  • Pages: 18
  • Language: EN
  • Author: John B. Taylor
  • Total Downloads: 208
  • Last Updated: 1 day ago

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