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. Of course, this period culminated in the financial crisis of 2008, which was followed by a very slow recovery, which, eight years on, can hardly be said to be complete. This short book presents Taylor’s view of the financial crisis and its aftermath as expressed in the 2014 F. A. Hayek Memorial Lecture. He believes that the rules-based monetary policy that he espoused broke down in the run-up to the crisis and afterwards. Furthermore, other aspects of policy became erratic and discretionary to the point that the rule of law could be said to be under threat. According to the author, these problems contributed to the crisis and to the slow recovery – indeed, they were a major cause. Two commentaries follow John Taylor’s lecture. One is by Patrick Minford and the other is by the Bank of England’s Chief Economist Andrew Haldane and Amar Radia. Both recognise Taylor’s immense contribution to economic theory and policy. The commentaries are themselves an important contribution and they are followed by a response from John Taylor which addresses the issues raised by the commentators.
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Patrick Minford is Professor of Applied Economics at Cardiff University, where he directs the Julian Hodge Institute of Applied Macroeconomics. Between 1967 and 1976 he held a variety of economic positions, including spells in East Africa, in industry and at HM Treasury. From 1976 to 1997 he was the Edward Gonner Professor of Applied Economics at Liverpool University. He was a Member of the Monopolies and Mergers Commission from 1990 to 1996, and one of the HM Treasury’s Panel of Forecasters (the ‘Six Wise Men’) from 1993 to 1996. He was made a CBE in 1996. He has written widely on macroeconomics and related policy issues.
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