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

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


The Raisin Case: A Breeze Not A Wind Of Economic Freedom

by John B. Taylorvia Economics One
Saturday, June 27, 2015

The famous raisin case officially closed last week. As part of an old and ongoing government program to intervene in the raisin market to support the price, the government tried to take raisins away from a California raisin grower, Marvin Horne, and thus off the free market.


Growth Accounting For A Liberated Recovery

by John B. Taylorvia Economics One
Monday, June 22, 2015

For several years I’ve argued that economic policy is holding the economy back and that a return to the principles of economic freedom would recreate a fast-growing recovery

John Taylor

Stanford’s Economics 1 Course Open And Online

by John B. Taylorvia Economics One
Saturday, June 20, 2015

This summer Stanford will be offering an open online version of my on-campus course Principles of Economics. People can find out more and register for the course, Economics 1, on Stanford’s free open on-line platform. The course starts on Monday (June 22). The first week’s lecture and study materials are now posted.

Featured Commentary

IMF Reforms And Global Economic Stability

by John B. Taylorvia U.S. House Committee on Financial Services
Thursday, June 18, 2015

Hoover Institution fellow John B. Taylor gives his testimony before the Congressional Subcommittee on Monetary Policy and Trade regarding global monetary policy.

Featured Commentary

The Economic Effects Of A Fiscal Consolidation Strategy

by John B. Taylorvia U.S. House Committee on the Budget
Wednesday, June 17, 2015

Hoover Institution fellow John B. Taylor gives his testimony before the Congressional Committee on the Budget regarding bringing the U.S. federal budget back into balance.

Interest Rates

Too Low For Too Long Or Global Saving Glut? Both!

by John B. Taylorvia Economics One
Monday, June 1, 2015

In an interesting new paper, “The U.S. Housing Price Bubble: Bernanke versus Taylor,” forthcoming in Journal of Economics and Business, Abrar Fitwi, Scott Hein, and Jeffrey Mercer examine two possible causes of the housing price boom that preceded the financial crisis. One, which I explored in a paper for the 2007 Jackson Hole conference, argues that the Fed’s unusually low interest rate during 2003-05 was a factor.


A Reawakening Of Monetary Policy Research

by John B. Taylorvia Economics One
Sunday, May 24, 2015

Last May a group of economists, central bankers, market participants, and financial journalists convened at Stanford’s Hoover Institution “to put forth and discuss a set of policy recommendations that are consistent with and encourage a more rules-based policy for the Federal Reserve and would thus improve economic performance…”  Here’s the agenda, the published volume, and my summary.

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.