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 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

Analysis and Commentary

The Incredible Shifting Model

by John B. Taylorvia Economics One
Sunday, August 23, 2015

Robert Tetlow has published a fascinating research paper in the International Journal of Central Banking on policy robustness with the Fed’s FRB/US model. Perhaps the most important part of the paper is his careful documentation of the enormous shifts in the coefficients and the equations of FRB/US over time.

Featured

Seeking A Way Through The Fog Of A Currency War

by John B. Taylorvia Economics One
Sunday, August 16, 2015

Many have speculated on the nature of, and the reasons for, the exchange rate regime change in China last week. While the central bank has issued press statements and answered questions about it intentions, it is useful to look at the data.

Analysis and Commentary

On Why The Economist Should Rule Rules In, Not Out

by John B. Taylorvia Economics One
Sunday, August 9, 2015

An old, but forever crucial, question for monetary policy is whether it should be rules-based or purely discretionary. The Economist, in a Free Exchange article this week with the title “Rule It Out,” goes all in for pure discretion, abandoning rules-based strategy. It’s a new view compared to previous articles over the years in the magazine and, more imprtantly, not based on any new facts.

Analysis and Commentary

Other Economic Lessons The US Can Learn From Greece

by John B. Taylorvia Economics One
Sunday, August 2, 2015

Last week the Senate Foreign Relations Subcommittee on Europe and Regional Security Cooperation held a hearing for which I was asked to address the lessons that the United States can learn from the Greek financial crisis.

Analysis and Commentary

Make Failure Feasible And End “Too Big To Fail”

by John B. Taylorvia Economics One
Wednesday, July 29, 2015

Today the Senate held a hearing on a bankruptcy reform proposal which would address the problem of too-big-to-fail head on. The reform applies to large financial firms and makes failure feasible under clear rules without systemic spillovers thereby greatly reducing the likelihood of government bailouts.

Interviews

John Taylor On The Financial Crisis In Greece--Implications And Lessons Learned Subcommittee Hearing

by John B. Taylorvia United States Senate
Wednesday, July 29, 2015

Hoover Institution fellow John Taylor gives his insights on the financial crisis in Greece.

Interviews

John Taylor: The Role Of Bankruptcy Reform In Addressing Too-Big-To Fail

by John B. Taylorvia United States Senate Committee on Banking, Housing and Urban Affairs
Wednesday, July 29, 2015

Hoover Institution fellow John Taylor gives a testimony before the Subcommittee on Financial Institutions and Consumer Protection on the necessity of bankruptcy reform.

Analysis and Commentary

Does The Fed Have A Monetary Policy Strategy?

by John B. Taylorvia Economics One
Wednesday, July 22, 2015

The subject of a monetary policy strategy for the Fed came up in Congressional hearings I testified at today and last week. Today the hearing focused on the bill to require the Fed to describe its strategy or rule for the systematic adjustment of its policy instruments.

Interviews

John Taylor: Who's To Blame For Greece's Broken Economy?

by John B. Taylorvia CNBC
Friday, July 10, 2015

Hoover Institution fellow John Taylor discusses the broken economy in Greece.

John B. Taylor
Analysis and Commentary

A Deal And A Step To International Monetary Reform

by John B. Taylorvia Economics One
Thursday, July 9, 2015

I make the case in this Wall Street Journal piece and in more detail in Congressional testimony that there’s an opportunity for a deal between the Congress and the Administration on international monetary reform.

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