This Insights article was contributed by Dr. Thomas Simpson, Executive in Residence of Economics, Cameron School of Business.
On October 21, 2019, Professor John B. Taylor, Mary and Robert Raymond Professor at Stanford University and George P. Schultz Fellow at the Hoover Institution, presented the BB&T Global Capitalism and Ethics lecture in the Burney Center. Professor Taylor is one of the leading macroeconomists in the world today, and noted best around the globe for his development of the “Taylor rule” for use in conducting monetary policy. He has made seminal contributions to the field of macroeconomics and has a distinguished record of public service, including serving as Under Secretary of the Treasury.
Professor Taylor’s lecture was entitled, “The Role of Rules-Based Monetary Policy.” He reviewed the postwar monetary policy experience and illustrated that economic performance was demonstrably better — stable growth, low unemployment, and low inflation — during those periods when the Federal Reserve was seemingly following a rules-based procedure. The most dramatic departure from a rules-based procedure occurred in the period leading up to the financial crisis of 2008. He argued that this departure contributed to the housing bubble, and the bursting of that bubble led to the crisis. Moreover, Professor Taylor demonstrated that performance also was better in Europe when monetary policy conformed to a rules-based procedure. He further maintained that rules-based monetary policy is most consistent with the rule of law and provides market participants with greater certainty regarding the course of monetary policy, enabling them to better plan in ways that align their decisions with good economic outcomes.
The presentation by Professor Taylor was followed by a lively question and answer session. In addition to a large number of students and members of the community in attendance, several Economics and Finance graduates who had participated in Fed Challenge and CFA Challenge traveled some distance to meet Professor Taylor and attend the event. A link to Dr. Taylor’s full presentation can be found here: https://csb.uncw.edu/bbtcap/caplectures/20192020.html
Robert T. Burrus, Jr., Ph.D., is the dean of the Cameron School of Business at the University of North Carolina Wilmington, named in June 2015. Burrus joined the UNCW faculty in 1998. Prior to his current position, Burrus was interim dean, associate dean of undergraduate studies and the chair of the department of economics and finance. Burrus earned a Ph.D. and a master’s degree in economics from the University of Virginia and a bachelor’s degree in mathematical economics from Wake Forest University. The Cameron School of Business has approximately 60 full-time faculty members and 20 administrative and staff members. The AACSB-accredited business school currently enrolls approximately 2,000 undergraduate students in three degree programs and 200 graduate students in four degree programs. The school also houses the prestigious Cameron Executive Network, a group of more than 200 retired and practicing executives that provide one-on-one mentoring for Cameron students. To learn more about the Cameron School of Business, please visit http://csb.uncw.edu/. Questions and comments can be sent to [email protected].
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