The Road Ahead for the Fed, by George Shultz, Allan Meltzer, Peter Fisher, Donald Kohn, James Hamilton, John Taylor, Myron Scholes, Darrell Duffie, Andrew Crockett, Michael Halloran, Richard Herring, and John Ciorciari

Available at the Hoover Press, Amazon,  Borders or wherever books are sold.


  A broken financial system; a great recession; enormous challenges for The Federal Reserve. Financial institutions, the markets and the Fed itself will never be quite the same. John Taylor and John Ciorciari have brought together a highly knowledgeable and experienced group to analyze the issues and make useful and provocative proposals. The Road Ahead for the Fed couldn't be more timely.
Paul A. Volcker, Former Chairman of the Federal Reserve Board and Chairman of the President’s Economic Recovery Advisory Board

  With so much at stake for the Fed and the world's financial markets, this timely and thoughtful book is a must read. Twelve leading experts critically analyze and candidly debate the most crucial issues facing the Fed, from the need for an exit strategy to incentive-based market reforms. Economic policy makers should take their ideas and recommendations under advisement.
Mickey D. Levy, Chief Economist, Bank of America

  This is a book both to read and to keep on your bookshelf. You will find essays here that will make you smile in agreement and shake your head in disagreement, perhaps both, for the authors are not only smart, but opinionated. But this is a distinguished group, and their opinions are very well-informed, very much worth reading, and very timely.
Alan S. Blinder, Former Vice-Chairman of the Federal Reserve Board and Professor of Economics at Princeton University


Book Review: The Road Ahead for the Fed, by Thomas D. Simpson, FinReg21, July 17, 2009

Recent Editorials and Articles

Road Ahead for the FED Press Release, Hoover Press, June 22, 2009

Podcasts or Video Streaming of Radio/TV Interviews


Tom Keene Taps the Best Minds in Economics, Bloomberg Radio, August 17-20, 2009


John Ciorciari is interviewed, University of Michigan, Ann Arbor, News Service, August 18, 2009


John Taylor is interviewed, C-SPAN, June 23, 2009

Blogs and Media References


Book on Fed’s Future Comes as Law Makers Debate Just That, Washington Wire, August 19, 2009

Taylor's Homepage
Contact John Taylor


 About the Book

The Federal Reserve is the single most important economic policy institution in the United States. Its recent unprecedented actions and interventions have raised serious concerns in many quarters about inflation, as well as the independence and effectiveness of the Fed. In The Road Ahead for the Fed, a group of expert contributors examine the recent actions of the Federal Reserve and discuss how the Fed arrived at this position, how it can best deal with the road ahead, and how it might reduce the likelihood of crisis-driven interventions in the future.

The authors suggest directions for the Fed going forward by drawing on past political, historical, and market principles. They then explain how the Fed arrived at its current unprecedented position and offer practical suggestions on how to exit. And although they concur that market-based mechanism and regulatory reforms will help keep the Fed on the road to good monetary policy in the future, they offer a range of views about whether to emphasize markets or government reform.

George P. Shultz, Allan H. Meltzer, Peter R. Fisher, Donald L. Kohn, James Hamilton, John B. Taylor, Myron S. Scholes, Darrell Duffie, Andrew Crockett, Michael J. Halloran, Richard J. Herring, and John Ciorciari

About the editors
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.

John D. Ciorciari is an assistant professor at the Gerald R. Ford School of Public Policy at the University of Michigan.


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