John Taylor on Inflation, the Fed, and the Taylor Rule

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4.7 • 4.3K Ratings

🗓️ 7 February 2022

⏱️ 65 minutes

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Summary

What's so bad about rising inflation? Why should we aim for a rate of 2 percent? Why is it a problem if interest rates are too low--and what do we mean by inflation, anyway? Stanford University's John Taylor talks with EconTalk host Russ Roberts about these questions, the Taylor Rule, why inflation is rising, and what the Fed should do about it. At the end of the conversation, Taylor discusses whether stimulus stimulates and the dangers of the national debt.

Transcript

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0:00.0	Welcome to Econ Talk, Conversations for the Curious, part of the Library of Economics
0:07.0	and Liberty.
0:08.0	I'm your host, Russ Roberts of Shalem College in Jerusalem and Stanford University's Hoover
0:13.0	Institution.
0:14.0	Go to econtalk.org where you can subscribe, comment on this episode and find links down
0:18.6	the information related to today's conversation.
0:21.6	You'll also find our archives with every episode we've done going back to 2006.
0:26.8	Our email address is mail at econtalk.org.
0:30.3	We'd love to hear from you.
0:37.6	Today is January 24th, 2022, and my guest is John Taylor, the Marion Robert Reeman Professor
0:43.1	of Economics at Stanford University, and the George B. Schultz Senior Fellow in Economics
0:47.8	at Stanford University's Hoover Institution.
0:50.5	This is John Sixth appearance on the program.
0:52.7	He was last here in April of 2012, which seems like a different century, talking about
0:59.0	rules, discretion, and first principles.
1:01.9	Our topic for today is inflation.
1:03.9	I want to remind listeners that voting was close soon for your favorite episodes of 2021,
1:09.4	so please go to econtalk.org where you'll find a link to the survey that will let you
1:14.4	pick your favorite episodes of last year.
1:17.4	John, welcome back to econtalk.
1:18.7	Good to be here.
1:19.7	Thanks, Russ.
	...

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