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The result was media uproar, a rebuke from President Ronald Reagan and a swift policy U-turn.
Mr Taylor finds evidence from the paper's sample of crises to suggest that a swift policy response helps to limit the economic fall-out.
More than the entrenched power structure, though, the reality that big ideas often have big price tags could be the largest hurdle for swift policy changes.
There is another name for a political system that forces difficult compromise and is filled with obstructions to swift policy action: the American political system, as embodied in the Constitution.
In its financial stability report on Wednesday, the IMF said that without swift policy action, including the triggering of the European Central Bank's bond-buying programme, the premium that investors demand to hold Spanish and Italian debt instead of safer German bonds would nearly double.
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"High debt, in turn, makes it harder to get growth While the I.M.F. had advocated a slower approach to debt reduction, it urged swifter policy action, both in Europe and the United States, to remove economic uncertainty and help lift anaemic global economic growth.
The Obama administration would like a swift foreign policy success in an election year.
Case studies of foreign investment reform, labor market nationalization and WTO accession reveal how this oil-funded apparatus enables swift and successful policy-making in some policy areas, but produces coordination and regulation failures in others.
The surge in this precarious way of life has been so swift that few policy makers have noticed.
In partnership with the International Monetary Fund, they provide conditional loans to countries to facilitate swift correction of policy mistakes and return back to normal.
He said he wanted immediate legalisation of the use of marijuana for medicinal purposes, and said there should be a swift evidence-based policy change in relation to recreational use.
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