The American Economy: Turtle or Caged Eagle and the Global Implications
Luncheon Presentation by John B. Taylor, Mary and Robert Raymond Professor of Economics, Standford University & Former Under Secretary of Treasury for International Affairs
Registration at 12:15pm
Luncheon at 12:30 pm
Close at 2:00pm
U.S. economic growth has recently been very slow—only 2 percent per year since the end of the recession 5 years ago compared to 4 or 5 percent following earlier deep recessions. Is the cause of weak growth poor economic policy as argued in John B. Taylor’s book “First Principles”, or is there a new secular stagnation with a permanent decline in technological advances as others have argued? A recent cover of The Economist portrayed the US economy as a turtle crawling along as a rider tragically tries to get it to move faster, but it is clearly incapable as secular stagnationists or high-hanging fruiters see it. Taylor will argue that a better analogy is a caged eagle. If you remove the cage of poor policy, then the economy will soar again and that would have important implications for Asia and the whole world economy.
John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and Senior Fellow at the Stanford Institute for Economic Policy Research where he was previously Director. He is also the George P. Shultz Senior Fellow in Economics at the Hoover Institution. Before joining Stanford, he was Professor of Economics at Princeton University and Columbia University. Professor Taylor’s fields of expertise are monetary policy, fiscal policy and international economics. He served as Under Secretary of Treasury for International Affairs between 2001 to 2005 responsible for US policies in international finance, trade in financial services, foreign investment, international debt and development, and oversight of the International Monetary Fund and the World Bank. He was also a senior economist on President Ford's Council of Economic Advisers and a member of President George H.W. Bush's Council of Economic Advisers. Professor Taylor graduated from Princeton University and received his PhD from Stanford University.