Notes on "Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis" (John B. Taylor)

Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis
John B. Taylor

Federal Reserve Bank of St. Louis Review, May/June 2010, 92(3), pp. 165-76. 

Great Moderation -> Great Deviation -> Great Recession
The interventions taken before, during and after the crisis did more harm than good (deviation from what was working well)
Avoiding further debt-increasing and wasteful discretionary stimulus packages, which do little to stimulate GDP
Fiscal policy should focus on reducing the deficit and the growth of the debt-to-GDP ratio
Monetary policy: similar as fiscal policy