Simple Rules for Financial Stability

John Taylor

No 13106, Economics Working Papers from Hoover Institution, Stanford University

Abstract: Thank you for the opportunity to speak at this conference on financial stability. I would like to use the opportunity to discuss three interrelated proposals to bolster and maintain financial stability. The first would reform the rules of bankruptcy to handle large financial institutions with a minimum of disruption. The second would put aside any plans for temporary countercyclical capital buffers and focus macro-prudential policy simply on setting permanent and appropriate capital and subordinated debt ratios. The third would start to move back to a more rules-based monetary policy. Taken together these proposals would constitute a sound overall strategy to improve financial and economic stability.

Pages: 10 pages
Date: 2013-04
New Economics Papers: this item is included in nep-mon
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