Getting Off Track: How Government Actions and Interventio... and over one million other books are available for Amazon Kindle. Learn more
Qty:1
  • List Price: $14.95
  • Save: $4.06 (27%)
FREE Shipping on orders over $35.
Only 4 left in stock (more on the way).
Ships from and sold by Amazon.com.
Gift-wrap available.
Add to Cart
FREE Shipping on orders over $35.
Used: Good | Details
Sold by hippo_books
Condition: Used: Good
Comment: Item qualifies for FREE shipping and Prime! This item is used.
Add to Cart
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis (HOOVER INST PRESS PUBLICATION) Hardcover – February 1, 2009


See all 2 formats and editions Hide other formats and editions
Amazon Price New from Used from
Kindle
"Please retry"
Hardcover
"Please retry"
$10.89
$4.94 $0.01


Frequently Bought Together

Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis (HOOVER INST PRESS PUBLICATION) + First Principles: Five Keys to Restoring America's Prosperity
Price for both: $29.64

Buy the selected items together

NO_CONTENT_IN_FEATURE

Image
Looking for the Audiobook Edition?
Tell us that you'd like this title to be produced as an audiobook, and we'll alert our colleagues at Audible.com. If you are the author or rights holder, let Audible help you produce the audiobook: Learn more at ACX.com.

Product Details

  • Series: HOOVER INST PRESS PUBLICATION
  • Hardcover: 92 pages
  • Publisher: Hoover Institution Press; 1st edition (February 1, 2009)
  • Language: English
  • ISBN-10: 0817949712
  • ISBN-13: 978-0817949716
  • Product Dimensions: 8.3 x 5.5 x 0.4 inches
  • Shipping Weight: 9.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (20 customer reviews)
  • Amazon Best Sellers Rank: #882,252 in Books (See Top 100 in Books)

Editorial Reviews

Review

If Milton Friedman and I had written as persuasive an analysis as this, one year—rather than 30 years—after the Great Depression began, the United States might have had a typical recession rather than the greatest downturn in history.

- Anna Schwartz, author, with Milton Friedman, of The Great Contraction, 1929–1933



Big problems confront us, and responses of immense size are on the table. We desperately need a solid and fact-based analysis so that we get the prescription right. John Taylor provides just that. A must-read for everyone involved.

- George Shultz, former secretary of Treasury, State, and Labor and Budget Director



This short volume does a masterful job of tracking the stunning financial market and macroeconomic events of 2007 and 2008, and it provides an organizing framework that will enable the specialist and novice alike to examine these events in a coherent setting.

- James Poterba, Mitsui Professor of Economics at MIT and President and CEO of the National Bureau of Economic Research



John Taylor is one of the very few who points out the errors that the Federal Reserve made during this difficult period and also shows how they could avoid them. Members of Congress should read this book instead of looking for scapegoats in the wrong places.

- Allan Meltzer, author of The History of the Federal Reserve



…cogent, thorough and compelling…Taylor sums up his argument in his subtitle: How Government Actions and Interventions Caused, Prolonged and Worsened the Financial Crisis. Take a moment to absorb that. Although we're told every day that the crisis arose from failures in the free markets—that it represents a crisis of capitalism itself--an eminent economist has now stepped forward to say, in effect, "Nonsense." The markets didn't fail, Taylor argues, the government did.

- Peter Robinson, What Caused the Crisis? Forbes.com

About the Author

John B. Taylor is the Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University.

More About the Author

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford's Introductory Economics Center.

Taylor's fields of expertise are monetary policy, fiscal policy, and international economics. His book Getting Off Track was one of the first on the financial crisis; his latest book, First Principles, develops an economic plan to restore America's prosperity.

Taylor served as senior economist on President Ford's and President Carter's Council of Economic Advisers, as a member of President George H. W. Bush's Council of Economic Advisers, and as a senior economic adviser to Bob Dole's presidential campaign, to George W. Bush's presidential campaign in 2000, and to John McCain's presidential campaign. He was a member of the Congressional Budget Office's Panel of Economic Advisers from 1995 to 2001. From 2001 to 2005, Taylor served as undersecretary of the Treasury for international affairs where he was responsible for currency markets, international development, for oversight of the International Monetary Fund and the World Bank, and for coordinating policy with the G-7 and G-20.

Taylor received the Bradley Prize from the Bradley Foundation and the Adam Smith Award from the National Association for Business Economics. He was awarded the Alexander Hamilton Award for his overall leadership at the US Treasury, the Treasury Distinguished Service Award for designing and implementing the currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. At Stanford he was awarded the George P. Shultz Distinguished Public Service Award, as well as the Hoagland Prize and the Rhodes Prize for excellence in undergraduate teaching. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society; he formerly served as vice president of the American Economic Association.

Taylor formerly held positions as professor of economics at Princeton University and Columbia University. Taylor received a BA in economics summa cum laude from Princeton University in 1968 and a PhD in economics from Stanford University in 1973.

Customer Reviews

4.0 out of 5 stars
Share your thoughts with other customers

Most Helpful Customer Reviews

44 of 49 people found the following review helpful By D. W. MacKenzie on March 6, 2009
Format: Hardcover Verified Purchase
Much of the popular media has jumped to conclusions that so called Neoliberal policy, has failed, and Keynesian economics has prevailed. Yet many economists remain skeptical about the popular view of the crisis. John Taylor has provided interesting and compelling evidence that easing of credit by The Federal Reserve in recent years caused the boom that led to the Subprime Crisis. This book is important because the media and some economists have blamed this crisis on laissez faire far too quickly, often without citing any real evidence. Taylor shows how actual inquiry into the facts contradicts so much of what you hear from the popular press. Taylor and the Hoover Institution deserve much credit for publishing a book of this quality so quickly.
1 Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
17 of 19 people found the following review helpful By Mark Eversfield on February 16, 2010
Format: Hardcover Verified Purchase
"Getting Off Track", by John B. Taylor, examines the hot topic of the role the Fed played in creating the current economic crisis.

The book begins with and examination of the popular opinion that the Fed created the latest recession by keeping interest rates low which created a real estate bubble.
I have serious comments on the assumptions made in this book and the need for further research before attributing cause of the current recession to one organization.

John Taylor begins his book with the idea that the recession was compounded by the Fed's loose monetary policy. Taylor describes the scenario of the Fed keeping interest rates low to encourage home ownership. If you read the experience of the person pulling the economic levers at that time, Alan Greenspan, you get an entirely different view of what was going on. In Greenspan's book the "The Age of Turbulence" there is a chapter called the "Conundrum" where Greenspan describes the problem the Fed had back in 2004 of raising interest rates. The Fed was concerned about the real estate bubble and tried raising the Federal Reserve rate on ten year bonds. When the Feds increased the reserve rate, the 10 year rate initially increased, but then precipitously declined back to its original level. The Feds tried this again in 2005 with the same results. Remember this was written before the recession. Greenspan's explanation for this is that liquidity from China, among other factors, kept long term global interest rates low.

Taylor challenges the notion that liquidity from China contributed to the Feds inability to increase long term interest rates. John does this by including a graph on page 7 of the book that comes from an International Monetary Fund report on world liquidity.
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
24 of 29 people found the following review helpful By Andrew L. Hill on March 14, 2009
Format: Hardcover
The author, John Taylor, is the originator of the policy guideline that was later labeled the Taylor Rule. His commentary on the subject is held in high regard in Economic circles and he has a lifetime of study and experience in this arena.

The book is focused on the "mistakes" made by the Federal Reserve since 9/11 and the subsequent consequences. The author makes good use of graphs to show historical trends and effects of policy decisions. The book is written with an objective tone and is easy to understand. It is short and can be read in 2 hours. There is a nice Frequently Asked Questions section in the back to cement the authors case.

I gave the book 4 stars instead of 5 because it was not clear what was the cause of all of the policy errors by the federal reserve. An increasing minority of persons suspect political motives are the culprit as the Federal Reserve is not entirely independent. The book is a good critique of the policy decisions of the current decade and a defense of Monetarism and Central Banking in general.

For a good critique of Monetarism, I recommend Thomas Woods book.

Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
7 of 8 people found the following review helpful By Always Learning on November 26, 2010
Format: Hardcover Verified Purchase
I found this book most useful as the insider's view on the operation of FOMC. While it was fascinating to read about Libor-OIS spread and "black swan" in the market, much better and in-depth explanations about the root cause of this crisis and the potential for further damage can be found in Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse and in Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts. Check also George Reisman's blog at [...]

In my view with all my regards to John Taylor he still didn't go deep enough to discover government regulations as CRA and its allegedly independent institutions as Fanny and Freddie, Federal Reserve Bank, and in particular Greenspan and Bernanke at FOMC as the root cause of both 2000 stock and 2006 housing market bubbles. Notably, in the FAQ chapter on his book on page 70 to the questioning of his model validity his answer is "... No model is perfect, but as I always say you need alternative model to criticize a model..." forgetting the bitter failures of the Central Planners of USSR and the Soviet Block to built a central planning economic system as a superior and better alternative to the free-market capitalism. What about if no model can be built as explained by G. Reisman, what about if by removing the government interference a true and unhampered laissez-faire capitalism can self-regulate better?
Read more ›
1 Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again

Most Recent Customer Reviews

Search

What Other Items Do Customers Buy After Viewing This Item?