John B. Taylor

George P. Shultz Senior Fellow in Economics
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

Federal Reserve chair Janet Yellen.
Featured Commentary

Was Janet Yellen Test Driving The Policy Rule Bill?

by John B. Taylorvia Economics One
Sunday, March 29, 2015

In a speech last week Fed Chair Janet Yellen made use of policy rules, and in particular the Taylor rule, to explain her views on normalizing policy.

Marriner S. Eccles Federal Reserve Board Building
Blogs

Bernanke Says “The Fed Has A Rule.” But It’s Only Constrained Discretion And It Hasn’T Worked

by John B. Taylorvia Economics One
Wednesday, March 25, 2015

In response to a question about the policy rules bill at Brookings recently, Ben Bernanke remarked that the “The Fed has a rule.”

Bank Vault
Featured Commentary

Central Banks Without Rules Are Like Doctors Without Checklists

by John B. Taylorvia Economics One
Sunday, March 22, 2015

Recent proposals for policy rules legislation have led to a fascinating replay of issues that have long been at the heart of the rules versus discretion debate.

Blogs

Which Fed Bill Would Milton Friedman Have Liked?

by John B. Taylorvia Economics One
Tuesday, March 10, 2015

Writing last week on the Cato at Liberty blog, Steve Hanke argued that Milton Friedman would have supported the “Audit the Fed” bill recently introduced in the Senate.

Blogs

Witness Allan Meltzer And The Ouija Board Analogy

by John B. Taylorvia Economics One
Tuesday, March 10, 2015

Last week the Senate Banking Committee held a hearing about monetary reform and the need for “responsible oversight” of the Fed as Senator Richard Shelby, the Committee Chair, put it.  Allan Meltzer was a witness, and I sat next to him at the witness table listening carefully when he spoke.

Blogs

Liberate The Recovery

by John B. Taylorvia Economics One
Wednesday, March 4, 2015

My piece in today’s Wall Street JournalA Recovery Waiting to Be Liberated,” starts with data showing that economic growth last year was in the end disappointing again.

Featured Commentary

A Recovery Waiting To Be Liberated

by John B. Taylorvia Wall Street Journal
Tuesday, March 3, 2015

Bad government policy has kept the economy caged. Here’s how to spur growth quickly.

Blogs

Janet Yellen’s Speech On Policy Rules

by John B. Taylorvia Economics One
Thursday, February 26, 2015

For many years, going back to the days before Google and Google Scholar helped us find and keep track of things, I created a monetary policy rule home page with links to papers, articles and speeches on policy rules, including a written version of a 1996 speech by Janet Yellen on the Taylor rule.

Blogs

A Feature Not A Bug In The Policy Rules Bill

by John B. Taylorvia Economics One
Tuesday, February 24, 2015

In his opening line of questions for Janet Yellen at the Senate Banking Committee today, Senator Richard Shelby asked about the use of monetary policy rules and the Taylor Rule, apparently referring to the recent policy rules bill (Section 2 of HR 5018) that would require the Fed to report its strategy or rule for policy.

Blogs

A Review Of Recoveries In Contrast

by John B. Taylorvia Economics One
Sunday, February 15, 2015

I’ve been tracking the economic recovery with charts and commentaries on this blog since it began in 2009. The simplest but most revealing charts compared and contrasted this recovery with the recovery of the 1980s. Here’s an update of two of those charts.

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