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He showed  that there was a tradeoff—later called the Taylor curve  —between the volatility of inflation and that of output. Some empirical estimates indicate that many central banks today act approximately as the Taylor rule prescribes, but violated the Taylor principle during the inflationary spiral of the s.
He finds that the crisis was primarily caused by flawed macroeconomic policies from the U. Particularly, he focuses on the Federal Reserve which, under Alan Greenspan , a personal friend of Taylor, created "monetary excesses" in which interest rates were kept too low for too long, which then directly led to the housing boom in his opinion. He stated that merely temporary tax cuts would not serve as a good policy tool.
He cautioned that the Fed should move away from quantitative easing measures and keep to a more static, stable monetary policy. Taylor, John B. October Journal of Political Economy. February May The American Economic Review. American Economic Association. Gregory; Romer, David eds. September December Griliches and M. Intriligator, eds. Elsevier Science Publishers.
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Makroekonomia - teoria, funkcjonowanie i polityka