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

A Less Weird Time At Jackson Hole?

by John B. Taylorvia Economics One
Wednesday, August 24, 2016

I’m on my way to join the world’s central bankers at Jackson Hole for the 35th annual monetary-policy conference in the Grand Teton Mountains. I attended the first monetary-policy conference there in 1982, and I may be the only person to attend both the 1st and the 35th.

Featured

CBO’s New Way To Evaluate Fiscal Consolidation Plans

by John B. Taylorvia Economics One
Tuesday, August 23, 2016

In its recently released budget outlook, the Congressional Budget Office projects that this year’s federal deficit will increase by 35% from last year to $590 billion, and that the debt will rise from $14 trillion to $23 trillion by 2026, or from 77% to 86% of GDP. Clearly it’s time for a fiscal consolidation plan.

Featured

The Staying Power Of Staggered Wage & Price Setting In Macro

by John B. Taylorvia Economics One
Thursday, August 18, 2016

The new Handbook of Macroeconomics is now in production as all 34 chapters have been submitted (by 74 different authors). It will be out later this year. Harald Uhlig and I edited the book, and we each contributed a chapter. My chapter (a draft appears as an NBER Working Paper) is on the staggered price and wage setting model.

Analysis and Commentary

Desperately Needed: Reforms To Raise Productivity Growth

by John B. Taylorvia Economics One
Thursday, August 11, 2016

The data released this week on labor productivity growth are really terrible. The growth rate has been negative now for three quarters in a row, and it was – .4 percent over the past year. Unfortunately, these data are reinforcing a pronounced negative trend in recent years which implies declining income growth and lower standards of living.

Featured

Economic Exasperation Continues

by John B. Taylorvia Economics One
Friday, July 29, 2016

With today’s disappointing GDP release for the second quarter and downward revisions for the previous two quarters, the U.S. economy competes 7 years of economic expansion with a whimper. And with an average annual growth rate of only 2.1 percent over the 28 quarters from 2009Q3 to 2016Q2, the economic expansion is more aptly called economic exasperation. 

Featured

An Economic And Security Policy Blueprint For America

by John B. Taylorvia Economics One
Tuesday, July 12, 2016

A timely new policy book, Blueprint for America, edited by George P. Shultz, is being released today online for the first time. The release coincides with the start of platform writing by Republicans this week and Democrats the following week, and then by national political conventions and the general Presidential campaign. 

Analysis and Commentary

Can We Restart The Recovery All Over Again?

by John B. Taylorvia Stanford University
Monday, July 11, 2016

Economics and history tell us that changes in economic policy lead to changes in economic performance.

Featured

Now Is The Time For “Chapter 14” Bankruptcy Reform

by John B. Taylorvia Economics One
Friday, July 8, 2016

Yesterday a “Chapter 14” bankruptcy reform passed the House of Representatives as Title XI (The Financial Institution Bankruptcy Act) of the Appropriations Bill on Financial Services and General Government. This is a very promising development.

Featured

Debt Explosion Still Looks Like July 4th Fireworks

by John B. Taylorvia Economics One
Monday, July 4, 2016

Six years ago, on July 4, 2010, in a post on this blog, I plotted the CBO’s projection of the ratio of federal debt to GDP because it reminded me so much of the Fourth of July fireworks. What does it look like now?

Featured

Whither Economic Freedom Post-Brexit?

by John B. Taylorvia Economics One
Thursday, June 30, 2016

As events are turning out, the Brexit decision is providing an opening to revive a trend toward economic freedom and thus stronger economic growth. But will the UK leadership and their counterparts in the EU and the US take that opening? That depends in part on whether they understand the economic benefits.

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