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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John Taylor: Testimony On The Financial Institution Bankruptcy Act

by John B. Taylorvia U.S. Senate Committee on the Judiciary
Thursday, March 23, 2017

Hoover Institution fellow John Taylor's testimony before the Subcommittee on Regulatory Reform, Commercial and Antitrust Law.

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It’s Time To Pass The Financial Institutions Bankruptcy Act

by John B. Taylorvia Economics One
Thursday, March 23, 2017

Today the House Judiciary Subcommittee lead by Tom Marino held a hearing on the Financial Institution Bankruptcy Act (FIBA) which lays out in clear legislative language the “Chapter 14 type” reform proposals that Stanford’s Hoover Resolution Project have been working on since the financial crisis. Based on this hearing, which included top legal experts familiar with the bankruptcy code, including Bankruptcy Judge Mary Walrath, I am optimistic that the bill will become law soon. 

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A New Hearing And, Possibly, A New Phase In Monetary Policy

by John B. Taylorvia Economics One
Thursday, March 16, 2017

Today’s hearing of the House Monetary Policy subcommittee—the first of the new Congress with the new chair Andy Barr from Kentucky—provided a good opportunity to discuss policy in light of new and different decisions by the Fed, new and different speeches by FOMC members, and of course a new Administration. I testified along with John Allison, Marvin Goodfriend, and Joshua Bivens. It was a good, candid hearing, which moved reform efforts forward.

Milton Friedman, recipient of the 1976 Nobel Memorial Prize for economic science
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Milton Friedman On Freedom: A New Book

by John B. Taylorvia Economics One
Saturday, March 4, 2017

Milton Friedman on Freedom is a delightful new book of Friedman’s best works on freedom compiled and edited by Robert Leeson and Charles Palm. It is a delight to have these writings in one lean volume.

Analysis and Commentary

Policy Is The Problem

by John B. Taylorvia International Monetary Fund
Thursday, March 2, 2017

Productivity growth is depressingly low now—actually negative—but there is nothing secular about this.

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Economic Policy Explains Growth Conundrum

by John B. Taylorvia Economics One
Wednesday, March 1, 2017

“Growth Conundrum” sets the theme for the many fascinating articles in the latest issue of the IMF’s quarterly magazine Finance and Development which includes an opening essay by Nicholas Crafts and a profile of Kristin Forbes. 

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Restoring Prosperity

by John B. Taylorvia Economics One
Saturday, February 11, 2017

During the past two days, economists from around the world gathered at the Hoover Institution to focus on the crucial problem of how to restore prosperity. They took stock of lessons from past experiences in the US and Europe, and considered possibilities with a new Administration in Washington.

Analysis and Commentary

Benefits Of Comparing Policy With Reference Rules

by John B. Taylorvia Economics One
Sunday, February 5, 2017

In a recent VOX article, Henrike Michaelis and Volker Wieland write favorably about the approach taken by Fed Chair Janet Yellen in a recent speech where she compares recent Fed policy actions with several monetary policy rules—including the Taylor rule—much as would be required by recent legislation in the U.S. Congress.

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Monetary Policy Strategy Statements Should Have A Strategy

by John B. Taylorvia Economics One
Thursday, February 2, 2017

At its meeting this week the Fed decided not to post changes in its “Longer-Run Goals and Monetary Policy Strategy” as might have been expected as part of its annual organizational meeting actions as it did last year at this time. The January 2016 statement is still on the Fed’s web page.

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Good Progress On Describing And Comparing Monetary Strategies

by John B. Taylorvia Economics One
Monday, January 23, 2017

Janet Yellen visited San Francisco and Stanford last week. She gave two interesting talks about monetary policy, which together, in my view, break new ground, and are worthy of more discussion.

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