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May/June 2010, 
Vol. 92, No. 3
Posted 2010-05-03

Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis

by John B. Taylor

This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons for future macroeconomic policy. It shows that policy deviated from what had worked well in the previous two decades by becoming more interventionist, less rules-based, and less predictable.