John B. Taylor

I believe that the quantitative easing that really got underway after the panic in 2009 has not been effective.

I have argued that there is a two-sided risk to the quantitative easing in its unwinding.

I have become critical of the Federal Reserve policy regarding its unconventional policies, both before the crisis and after.

A lot of the concerns about too-big-to-fail and the anticipation of bailouts is that it does give advantages to certain institutions.

Data certainly suggest that large institutions get this advantage and that it has increased since the financial crisis.

I think it is very important to do something directly about the too-big-to-fail problem.

The bailout problem is still there. There will be every incentive for the FDIC to provide additional funds to some creditors.

the effect of this too-big-to-fail affects us even now on a relatively calm day, because the giant banks are getting bigger.

the key to being a successful business ought to be a successful business, not covering yourself by being well-connected.

I have always believed, along with he and a large number of other economists, that it is right for elected officials to set the goals, and it is wrong for elected officials to interfere with the instruments.

I think it would be a mistake based on the knowledge we have now about how central banks work, and how economies work, to change the dual mandate even when we are in recovery, I think it is the responsible and right thing to do.

The Congress has laid out a strategy to reduce spending gradually over time. I think moving back off of that would be a mistake.

I think we learned so much about what worked in monetary policy in the 1980s and 1990s until recently, so go back to that general style of policy as soon as possible.

Fiscal policy is certainly a mess right now, and it has to be fixed, or we will be like Europe

I think we should reform the Fed. I think the evidence, especially in the last few years, is that the policy is not working.

I don't recommend abolishing the Fed, I would recommend reforming the Fed.

I don't want to see a future where quantitative easing becomes the new monetary policy

I also think the provisions in the Sound Dollar Act to restrict the kinds of assets the Fed purchases are warranted.

I believe it raises questions about why an independent agency of government should be taking on responsibilities that are more appropriate for the Congress and the appropriations process.

I believe the idea of replacing the confusing dual mandate... will improve decision-making by the Fed.

You have Congress spending money that it doesn't have, issuing additional Treasury instruments, debt instruments to finance that spending.

The Federal Reserve, for its part, keeps interest rates often artificially low, in ways that may mask the true cost associated with uncontrolled, out of control government spending.

These are not elected people. They're not accountable to anyone who is elected really, at the end of the day.

It was tremendously successful not only in getting inflation down, but getting unemployment down and getting economic growth up.

The United States of America won't be the United States of America if that happens.