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How have government regulation and policy shaped the economic recovery? In this audio interview, Stanford MBA student Joy Sun talks with John Taylor, a renowned macroeconomist and Senior Fellow at the Hoover Institution, about the role of government in the financial crisis and how it may prevent similar crises in the future. Taylor, who has been a vocal critic of the bailouts of financial institutions, shares his views on the decisions that the government made in the immediate aftermath of the crisis, the actions that must be taken now given the state of the economy, and the importance of an independent Federal Reserve for monetary policy.
This conversation was recorded as part of the 2009-2010 Public Management Initiative (PMI) at the Stanford Graduate School of Business. Hosted by the Center for Social Innovation’s Public Management Program, the PMI is a yearlong, student-driven academic project focused on a specific public issue. The theme for 2010, Debating Tomorrow: The Changing World of Business, explores how business will have to change in light of the recent financial crisis and how, in turn, business might shape change in the future.
John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution. He formerly served as director of the Stanford Institute for Economic Policy Research, where he is now a senior fellow, and he was founding director of Stanford’s Introductory Economics Center. Taylor also has had a distinguished career in public policy. He served as senior economist on the President’s Council of Economic Advisers, a member of the President’s Council of Economic Advisers, and a member of the Congressional Budget Office’s Panel of Economic Advisers. From 2001 to 2005, Taylor served as Under Secretary of Treasury for International Affairs, where he was responsible for U.S. policies in international finance, which included oversight of the International Monetary Fund and the World Bank.
Joy Sun is a member of the Class of 2010 at the Stanford Graduate School of Business and is a student leader for the 2009-2010 Public Management Initiative. She previously served as a program director at the Clinton Foundation's HIV/AIDS Initiative where she launched and managed public health programs throughout southern Africa. She has also worked for McKinsey & Company and Wal-Mart Stores. She holds a BS in international relations from Georgetown University.