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Causes of the Financial Crisis and the Slow Recovery: A Ten-Year Perspective

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  • John B. Taylor

    (Department of Economics, Stanford University)

Abstract

This paper examines the causes of the financial crisis and the relatively slow economic recovery since then. It expands the timeline to the five years before and after the financial crisis in order to get a more complete assessment of what went wrong and how government policy largely caused the crisis.

Suggested Citation

  • John B. Taylor, 2014. "Causes of the Financial Crisis and the Slow Recovery: A Ten-Year Perspective," Economics Working Papers 14102, Hoover Institution, Stanford University.
  • Handle: RePEc:hoo:wpaper:14102
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    2. Bekaert, Geert & Hoerova, Marie & Lo Duca, Marco, 2013. "Risk, uncertainty and monetary policy," Journal of Monetary Economics, Elsevier, vol. 60(7), pages 771-788.
    3. Lee E. Ohanian & John B. Taylor & Ian J. Wright (ed.), 2012. "Government Policies and the Delayed Economic Recovery," Books, Hoover Institution, Stanford University, number 6.
    4. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    5. Michael D. Bordo & John Landon-Lane, 2014. "Does Expansionary Monetary Policy Cause Asset Price Booms? Some Historical and Empirical Evidence," Central Banking, Analysis, and Economic Policies Book Series,in: Sofía Bauducco & Lawrence Christiano & Claudio Raddatz (ed.), Macroeconomic and Financial Stability: challenges for Monetary Policy, edition 1, volume 19, chapter 3, pages 61-116 Central Bank of Chile.
    6. Papell David H. & Prodan Ruxandra, 2012. "The Statistical Behavior of GDP after Financial Crises and Severe Recessions," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(3), pages 1-31, October.
    7. Lee E. Ohanian & John B. Taylor, 2012. "Introduction - Government Policies and the Delayed Economic Recovery," Book Chapters,in: Lee E. Ohanian & John B. Taylor & Ian J. Wright (ed.), Government Policies and the Delayed Economic Recovery, chapter 0 Hoover Institution, Stanford University.
    8. Marek Jarocinski & Frank Smets, 2008. "House prices and the stance of monetary policy," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 339-366.
    9. John B. Taylor, 2013. "The Effectiveness of Central Bank Independence Versus Policy Rules," Discussion Papers 12-009, Stanford Institute for Economic Policy Research.
    10. George A. Kahn, 2010. "Taylor rule deviations and financial imbalances," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 63-99.
    11. Ian J. Wright, 2012. "Summary of the Commentary - Government Policies and the Delayed Economic Recovery," Book Chapters,in: Lee E. Ohanian & John B. Taylor & Ian J. Wright (ed.), Government Policies and the Delayed Economic Recovery, chapter 9 Hoover Institution, Stanford University.
    12. Peter J. Wallison, 2011. "Three Narratives about the Financial Crisis," Cato Journal, Cato Journal, Cato Institute, vol. 31(3), pages 535-549, Fall.
    13. John B. Taylor, 2009. "Getting Off Track - How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis," Books, Hoover Institution, Stanford University, number 3.
    14. Michel Bordo & John Lando-Lane, 2013. "Does Expansionary Monetary Policy Cause Asset Price Booms? Some Historical and Empirical Evidence," Working Papers Central Bank of Chile 710, Central Bank of Chile.
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    Cited by:

    1. repec:eee:ememar:v:31:y:2017:i:c:p:116-140 is not listed on IDEAS
    2. Kleczka, Mitja, 2015. "Monetary Policy, Fiscal Policy, and Secular Stagnation at the Zero Lower Bound. A View on the Eurozone," MPRA Paper 67228, University Library of Munich, Germany.
    3. repec:eee:jimfin:v:78:y:2017:i:c:p:21-43 is not listed on IDEAS
    4. Chen, Minghua & Wu, Ji & Jeon, Bang Nam & Wang, Rui, 2017. "Monetary policy and bank risk-taking: Evidence from emerging economies," Emerging Markets Review, Elsevier, vol. 31(C), pages 116-140.

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