Word: taylorism
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...Overseers left shortly after outgoing President Neil L. Rudenstine, General Counsel Anne Taylor and University Provost Harvey V. Fineberg '67--a top contender for the presidency--arrived at Loeb House. The trio met with the Corporation for two hours...
...leading advocate of this approach was a Stanford economics whiz named John Taylor, whom George W. Bush appointed to Treasury this month. In 1993 Taylor wrote a revolutionary paper that looked at how central banks in big countries had handled interest-rate policy in the period since the end of World War II. What Taylor discovered is that the best policy is based on a really simple premise--moving interest rates in the same direction as inflation, and doing so quickly. Say prices have shot up 3%. The best Fed policy, his study showed, was to respond by jacking interest...
...much influence will Taylor have in Washington? Some say he may be to Bush what supply-sider Arthur Laffer was to Reagan. One key meeting to watch is the weekly get-together between Greenspan and Treasury chief Paul O'Neill. If Taylor starts showing up more regularly than, say, Deputy Secretary nominee Kenneth Dam, it may be a sign that the Administration is sending Greenspan a message. Or just a hint of Taylor's own ambitions. "There's no question," said one ex-Clinton official last week, "that this guy is talked about as a future Fed Chairman himself...
...Chairman applying Taylor rules would be harder to bash, since he'd just be following the formula. But that would also limit the good he could do. Taylor rules, many economists say, don't work because they are reactive. They don't move rates until inflation picks up. It's like not hitting your brakes until you touch the other guy's bumper. Greenspan's rate cut in August 1998 probably saved the world from financial meltdown. Taylor's rules would have precluded the move. It's seductive to think we could build a Greenspan box, a computer...
...Chris Taylor...