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Alan Taylor

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Alan M. Taylor is a Professor of Economics and Finance at the University of California, Davis. 

He read mathematics at King’s College, Cambridge, and received his Ph.D. in economics from Harvard University. His research spans several areas including international economics, macroeconomics, finance, growth, development, and economic history.

He holds appointments as a Research Associate of the National Bureau of Economic Research in Cambridge, Massachusetts, and a Research Fellow of the Center for Economic Policy Research in London. In 2004 he was awarded a John Simon Guggenheim Memorial Fellowship. In 2009–10 he was named a Houblon-Norman/George Fellow at the Bank of England.

His publications include numerous articles in economics journals, essays on policy and commentary, edited volumes and the books Global Capital Markets: Integration, Crisis and Growth published by Cambridge University Press (with Maurice Obstfeld), and Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935 published by The University of Chicago Press (with Gerardo della Paolera).

He has been a visitor/consultant/speaker at many public sector organizations including various Federal Reserve Banks, the IMF, World Bank, IDB, BIS, ECB, and the central banks of the UK, China, France, Netherlands, Italy, Switzerland, Austria, Korea, Croatia, Peru, Israel, and Argentina. In the private sector he has served as a Senior Advisor at Morgan Stanley and has been a visitor/consultant/speaker at various asset managers.

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By this expert

The Rate of Return on Everything, 1870–2015

Paper Conference paper | | Dec 2017

This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century.

When Credit Bites Back: Leverage, Business Cycles and Crises

Paper Working Paper Series | | Oct 2015

This paper studies the role of credit in the business cycle, with a focus on private credit overhang.

Sovereigns versus Banks: Credit, Crises and Consequences

Paper Working Paper Series | | Feb 2014

Two separate narratives have emerged in the wake of the Global Financial Crisis. One interpretation speaks of private financial excess and the key role of the banking system in leveraging and deleveraging the economy. The other emphasizes the public sector balance sheet over the private and worries about the risks of lax fiscal policies. However, the two may interact in important and understudied ways.

Sovereigns versus banks: Crises, causes and consequences

Article | Oct 18, 2013

In the aftermath of the global financial crisis, few would dispute the risks of excessive borrowing. But which debts should one worry about – public or private? This column presents new research on the interplay of public and private debts since 1870 in 17 advanced economies. History demonstrates that excessive private-sector borrowing plays a greater role than fiscal profligacy in generating financial instability. However, when the credit boom collapses, the government’s capacity to alleviate the downturn is limited by the prevailing level of public debt.

Featuring this expert

Private Debt

Event Conference | Hosted by Private Debt Initiative | Apr 6–8, 2018

With the support and partnership of the Governor’s Woods Foundation, the Institute for New Economic Thinking will convene top scholars for the Private Debt Initiative

Secular Stagnation: An Event with Larry Summers: Is Slow Growth the “New Normal”?

If So, What Are the Policy Solutions?

Event Conference | Hosted by Secular Stagnation Project | Dec 15, 2017

Distinguished Scholars Including Larry Summers and Adair Turner Present Evidence of the Trend and Policy Solutions

Demystifying Modern Monetary Theory (Sample)

Video | Mar 19, 2015

Bill Mitchell presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.