Hoover Fellow and Stanford economist John B. Taylor discusses Getting Off Track March 3, 2009

Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis
Tuesday, March 3, 2009 7:30 p.m.

Throughout history, financial crises have always been caused by excesses--frequently monetary excesses--which lead to a boom and an inevitable bust. In our current crisis it was a housing boom and bust that in turn led to financial turmoil in the United States and other countries. How did everything deteriorate so suddenly and dramatically? In Getting Off Track, Hoover fellow and Stanford economist John B. Taylor offers empirical research to explain what caused the current financial crisis, what prolonged it, and what worsened it dramatically more than a year after it began.

“If Milton Friedman and I had written as persuasive an analysis as this, one year—rather than 30 years—after the Great Depression began, the United States might have had a typical recession rather than the greatest downturn in history.” --Anna Schwartz, author, with Milton Friedman, of The Great Contraction, 1929–1933

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