Perhaps I will get around to commenting on John Taylor’s latest contribution to public discourse and economic enlightenment on the incomparable Wall Street Journal editorial page. And then again, perhaps not. We shall see.
In truth, there is really nothing much in the article that he has not already said about 500 times (or is it 500 thousand times?) before about “rule-based monetary policy.” But there was one notable feature about his piece, though I am not sure if it was put in there by him or by some staffer on the legendary editorial page at the Journal. And here it is, first the title followed by a teaser:
John Taylor’s Reply to Alan Blinder
The Fed’s ad hoc departures from rule-based monetary policy has hurt the economy.
Yes, believe it or not, that is exactly what it says: “The Fed’s ad hoc departures from rule-based monetary policy has [sic!] hurt the economy.”
Good grief. This is incompetence squared. The teaser was probably not written by Taylor, but one would think that he would at least read the final version before signing off on it.
UPDATE: David Henderson, an authoritative — and probably not overly biased — source, absolves John Taylor from grammatical malpractice, thereby shifting all blame to the Wall Street Journal editorial page.