John B. Taylor

George P. Shultz Senior Fellow in Economics

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 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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Recent Commentary

A Tractable Framework for Analyzing A Class Of Nonstationary Markov Models

by Lilia Maliar, Serguei Maliar, John B. Taylor, Inna Tsenervia Working Group on Economic Policy
Monday, May 18, 2015

Working Group On Economic Policy: WP15105 - We study a class of infinite-horizon nonlinear dynamic economic models in which preferences, technology and laws of motion for exogenous variables can change over time either deterministically or stochastically, according to a Markov process with time-varying transition probabilities, or both.

Featured Commentary

The Senate Moves Ahead On A Policy Rules Bill

by John B. Taylorvia Economics One
Tuesday, May 12, 2015

Today the Chairman of Senate Banking Committee, Richard Shelby, released a draft bill entitled “The Financial Regulatory Improvement Act of 2015” covering a wide range of reforms. Like the widely-discussed House policy rules bill (Section 2 of HR 5018 of last year), this Senate bill (in the first section of Title V) would require that the Fed report on monetary policy rules.


Surprising Findings At The Macro Handbook Conferences

by John B. Taylorvia Economics One
Wednesday, May 6, 2015

In order to further progress on the new Handbook of Macroeconomics, which will be published next year, Harald Uhlig and I, the co-editors of the Handbook, hosted two conferences at Stanford and Chicago in April. Harald and I attended both conferences—three days in each venue—where we heard distinguished macroeconomists present 35 draft chapters and critical commentary on each of those chapters.

Featured Commentary

Taylor On Bernanke: Monetary Rules Work Better Than ‘Constrained Discretion’

by John B. Taylorvia The Wall Street Journal
Saturday, May 2, 2015

We have had a serious financial crisis, a very deep recession, a not-so-great recovery, and now a virtually strategy-free international monetary system. This is not a good record.

Blank Section (Placeholder)Featured Commentary

A Monetary Policy for the Future

by John B. Taylorvia Defining Ideas
Thursday, April 23, 2015

A steady and predictable policy will greatly contribute to the performance of the economy.



Room to Soar

by John B. Taylorvia Hoover Digest
Monday, April 20, 2015

We can get this sluggish recovery off the ground.

Featured Commentary

A Monetary Policy For The Future

by John B. Taylorvia Economics One
Thursday, April 16, 2015

Yesterday I spoke at a panel on “Monetary Policy in the Future,” with Ben Bernanke and Gill Marcus at an IMF event Rethinking Macro Policy.

Federal Reserve chair Janet Yellen.
Featured Commentary

Was Janet Yellen Test Driving The Policy Rule Bill?

by John B. Taylorvia Economics One
Sunday, March 29, 2015

In a speech last week Fed Chair Janet Yellen made use of policy rules, and in particular the Taylor rule, to explain her views on normalizing policy.

Marriner S. Eccles Federal Reserve Board Building

Bernanke Says “The Fed Has A Rule.” But It’s Only Constrained Discretion And It Hasn’T Worked

by John B. Taylorvia Economics One
Wednesday, March 25, 2015

In response to a question about the policy rules bill at Brookings recently, Ben Bernanke remarked that the “The Fed has a rule.”

Bank Vault
Featured Commentary

Central Banks Without Rules Are Like Doctors Without Checklists

by John B. Taylorvia Economics One
Sunday, March 22, 2015

Recent proposals for policy rules legislation have led to a fascinating replay of issues that have long been at the heart of the rules versus discretion debate.