John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution, a research associate of the National Bureau of Economic Research, and an adjunct scholar of the Cato Institute. Cochrane contributes editorial opinion essays to the Wall Street Journal and other publications and maintains the Grumpy Economist blog. John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution. He served on the President's Council of Economic Advisers, as undersecretary of the Treasury for international affairs, and on the G-20 Eminent Persons Group on Global Financial Governance.