John B. Taylor

George P. Shultz Senior Fellow in Economics
Awards and Honors:
American Academy of Arts and Sciences
Econometric Society (elected fellow)
Economics Distinguished Faculty Teaching Award
(2015)
Biography: 

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford’s Introductory Economics Center.

Taylor's fields of expertise are monetary policy, fiscal policy, and international economics. His book Getting Off Track was one of the first on the financial crisis; his latest book, First Principles, for which he received the 2012 Hayek Prize, develops an economic plan to restore America’s prosperity.

Taylor served as senior economist on President Ford's and President Carter’s Council of Economic Advisers, as a member of President George H. W. Bush's Council of Economic Advisers, and as a senior economic adviser to Bob Dole’s presidential campaign, to George W. Bush’s presidential campaign in 2000, and to John McCain’s presidential campaign. He was a member of the Congressional Budget Office's Panel of Economic Advisers from 1995 to 2001. From 2001 to 2005, Taylor served as undersecretary of the Treasury for international affairs where he was responsible for currency markets, international development, for oversight of the International Monetary Fund and the World Bank, and for coordinating policy with the G-7 and G-20.

Taylor received the Bradley Prize from the Bradley Foundation and the Adam Smith Award as well as the Adolph G. Abramson Award from the National Association for Business Economics. He was awarded the Alexander Hamilton Award for his overall leadership at the US Treasury, the Treasury Distinguished Service Award for designing and implementing the currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. At Stanford he was awarded the George P. Shultz Distinguished Public Service Award, as well as the Hoagland Prize and the Rhodes Prize for excellence in undergraduate teaching. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society; he formerly served as vice president of the American Economic Association.

Taylor received the 2016 Adam Smith Award from the Association of Private Enterprise Education and the 2015 Truman Medal for Economic Policy for extraordinary contribution to the formation and conduct of economic policy.

Taylor formerly held positions as professor of economics at Princeton University and Columbia University. Taylor received a BA in economics summa cum laude from Princeton University in 1968 and a PhD in economics from Stanford University in 1973.

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Analysis and Commentary

Independence And The Scope Of The Central Bank’s Mandate

by John B. Taylorvia Riksbank
Thursday, December 1, 2016

In these remarks I discuss issues relating to the independence of central banks and to the scope of the mandate given to central banks. In addressing these issues I draw on my own research and on several recent conferences that take a rules-based approach to monetary policy.

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A New Opportunity For Monetary Reform

by John B. Taylorvia Economics One
Friday, November 25, 2016

The opportunity for pro-growth tax reform (lower rates with a broader base) and pro-growth regulatory reform (with rigorous cost-benefit tests) is now better than it has been in years, because of similarities between reform ideas put forth by Congress—many in bills that have passed the House—and those put forth by president-elect Trump.

Analysis and Commentary

Central Bank Models: A Key To Future Monetary Policy

by John B. Taylorvia Economics One
Wednesday, November 23, 2016

In thinking about the future of monetary policy, it’s important to consider legislative reforms and appointments, but it’s also important to consider the economic models that have come to be a key part of policy making in central banks. The Bank of Canada showed a great deal of vision last week when it invited economists and practitioners to discuss “Central Bank Models: The Next Generation.”

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A Primer On The Debt And The Deficit

by John B. Taylorvia Policyed.org
Friday, November 18, 2016

John Taylor discusses the major components of fiscal policy and their effect on the US economy. This series covers the complexities of the budget process, the debt and deficit, and the economy and the deficit.

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How Will The Election Affect The Economy?

by John B. Taylor, John H. Cochrane via Stanford News
Thursday, November 10, 2016

Stanford economists John Taylor and John Cochrane offer their thoughts on the state of the U.S. economy and job growth and how it may look under President-Elect Donald Trump.

Analysis and Commentary

A World Cup In The Battle Of Ideas

by John B. Taylorvia Economics One
Monday, October 31, 2016

Markus Brunnermeier, Harald James and Jean-Pierre Landau have just published a fascinating book, The Euro and the Battle of Ideas, in which they bring together their respective skills in economic theory, economic history and economic policy to bear on one of the most important macroeconomic problems of our times—the rules versus discretion debate. 

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Take Off The Muzzle And The Economy Will Roar

by John B. Taylorvia Economics One
Sunday, October 16, 2016

In his Saturday Wall Street Journal essay “Why the Economy Doesn’t Roar Anymore”—illustrated with a big lion with its mouth shut—Marc Levinson offers the answer that the “U.S. economy isn’t behaving badly. It is just being ordinary.” But there is nothing ordinary (or secular) about the current stagnation of barely 2 percent growth.

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Should The Previous Framework For Monetary Policy Be Fundamentally Reconsidered?

by John B. Taylorvia Economics One
Sunday, October 2, 2016

"Did the crisis reveal that the previous consensus framework for monetary policy was inadequate and should be fundamentally reconsidered?” “Did economic relationships fundamentally change after the crisis and if so how?” These important questions set the theme for an excellent conference at the De Nederlandsche Bank (DNB) in Amsterdam this past week.

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The Statistical Analysis Of Policy Rules

by John B. Taylorvia Economics One
Saturday, September 24, 2016

My teacher, colleague, and good friend Ted Anderson died this week at the age of 98. Ted was my Ph.D. thesis adviser at Stanford in the early 1970s, and later a colleague when I returned to teach at Stanford in the 1980s.

Analysis and Commentary

Monetarist Tools Have Failed To Lift Economies

by John B. Taylor, John Eatwellvia Financial Times
Tuesday, September 20, 2016

Sir, You report that Mark Carney, governor of the Bank of England, told MPs that the BoE is prepared to cut interest rates further from their historic low of 0.25 per cent.

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