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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Recent Commentary

Featured

The Fed’s Normalization: How Long And How Far?

by John B. Taylorvia Economics One
Wednesday, May 18, 2016

The Monetary Policy Subcommittee of the House held a hearing yesterday on “Interest on Reserves and the Fed’s Balance Sheet,” a difficult, but important and timely subject as the Fed begins what it calls its normalization process, or its transition to normal monetary policy, in its Policy Normalization Principles and Plans. 

John Taylor: Interest On Reserves And The Fed’s Balance Sheet

by John B. Taylor
Tuesday, May 17, 2016

Hoover Institution fellows John Taylor gives a testimony before the Subcommittee on Monetary Policy and Trade.

Federal Reserve
Interviews

John Taylor: Interest On Reserves And The Fed’s Balance Sheet

by John B. Taylorvia U.S. House Committee on Financial Services
Tuesday, May 17, 2016

Hoover Institution fellow John Taylor testifies before the Subcommittee on Monetary Policy and Trade to discuss interest on reserves and the Fed’s balance sheet.

Analysis and Commentary

Working Paper: "Finding The Equilibrium Real Interest Rate In A Fog Of Policy Deviations"

by John B. Taylor, Volker Wielandvia Institute for Monetary and Financial Stability
Tuesday, May 17, 2016

For John B. Taylor of Stanford University and Volker Wieland, research on the real equilibrium interest rate is not yet useful for monetary policy although there has been a lot of research recently.

Featured

A Reawakening Of International Monetary Policy Research

by John B. Taylorvia Economics One
Tuesday, May 10, 2016

International Monetary Stability: Past Present and Future was the topic of this year’s monetary policy conference held last week at Stanford’s Hoover Institution. With highly volatile exchange rates, the spread of unusual monetary policies, and disappointing growth and stability, it was a hot topic for the researchers, the market participants, the media, and the four FOMC members who attended. 

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Central Bank Governance And Oversight Reform

via Books by Hoover Fellows
Wednesday, May 4, 2016

Edited by John Cochrane and John Taylor. A group of distinguished scholars and policy makers discuss key questions about Federal Reserve decision making, oversight, and governance, both internal and external.

Featured

New Book On Fed Oversight Reform

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

Recent legislation to rein in Fed power, including the Fed Oversight Reform and Modernization (FORM) Act, has generated a load of opinion pieces and acrimonious debate, but so far little in the way of in-depth policy research. The purpose of the papers and analysis in a newly published book is to do such research.

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Cast Out the “Economic Evils”

by John B. Taylorvia Hoover Digest
Monday, April 18, 2016

Five ideas for getting monetary policy back on track.

Featured

Economic Exasperation

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

At the end of this quarter, according to most economists, the U.S. economy will have completed 7 years of so-called expansion (28 quarters from 2009Q3 to 2016Q2) with an anemic annual growth rate of 2 percent. 

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