John B. Taylor: “This discussion about cost-benefit analysis is amazing to me. It is sort of the basic thing you teach students about…”

It would help prevent bailouts. It would diminish excessive risk-taking.

Central-bank independence is very important, but it doesn't seem to have been enough to prevent these swings towards more interventionist discretionary policy compared to a rules-based policy.

I would characterize it as they held interest rates too low for too long in that period, and that caused excesses in the housing market.

I just do what I believe. And I believe that strong-mayor powers, aside from everything else, are a significantly bad idea.