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

Solid Economic Support For Sensible Financial Reforms

by John B. Taylorvia Economics One
Tuesday, June 21, 2016

Economic research, including work in the 1970s on time inconsistency, has long provided a rationale for central bank independence in conducting monetary policy. Indeed, the research encouraged the spread of central bank independence and inflation targeting around the world in the 1990s.

Analysis and Commentary

The Staying Power Of Staggered Wage And Price Setting Models In Macroeconomics

by John B. Taylorvia National Bureau of Economic Research
Tuesday, June 21, 2016

After many years, many critiques, and many variations, the staggered wage and price setting model is still the most common method of incorporating nominal rigidities into empirical macroeconomic models used for policy analysis. The aim of this chapter is to examine and reassess the staggered wage and price setting model.

Analysis and Commentary

Rules Are Green And Discretion Is Red In The Monetary Game

by John B. Taylorvia Economics One
Monday, May 30, 2016

Raghuram Rajan, Governor of the Reserve Bank of India, is calling for a reform of the international monetary system. He has been calling attention to problems in the system for a while, and now he is looking for a solution.

Analysis and Commentary

New Test Finds No Impact of QE On Long-Term Interest Rate

by John B. Taylorvia Economics One
Saturday, May 28, 2016

The Fed’s stated purpose of quantitative easing (QE) was to lower long-term interest rates, and many papers have endeavored to test empirically whether it achieved that purpose. Some, such as the paper by Gagnon, Raskin, Remache, and Sack, have looked at the impact of QE announcements, finding the intended impact.

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.

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