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

Analysis and Commentary

Principles Of Economics 8.0: Lower Price And Better Format

by John B. Taylorvia Economics One
Wednesday, May 31, 2017

I’m really excited about the 8th Edition (I should say Version 8.0) of my introductory economics text with Akila Weerapana because it comes from a new publisher, FlatWorld, and will be sold at a much more reasonable price—only 10% to 25%, depending on the order, of the price charged for the old...

Featured

Another Takeaway From The Trump Trip: Targeting Terrorist Financing

by John B. Taylorvia Economics One
Sunday, May 28, 2017

Many are listing takeaways from President Trump’s trip abroad, such as the unusual pomp and circumstance in Saudi Arabia, the unprecedented non-stop flight from Riyadh to Jerusalem, the significance of the follow-up leg to Rome, and the interactions with NATO and the G7 countries.

Rules for International Monetary Stability: Past, Present, and Future by Michael D. Bordo (Editor), John B. Taylor (Editor)

Rules for International Monetary Stability

via Books by Hoover Fellows
Monday, April 10, 2017

The perceived negative consequences of spillovers from the actions of central banks around the world have led to increasing calls for international monetary policy coordination. Rules for International Monetary Stability reports on the results of a Hoover Institution conference that brought together academics, financial experts, and policy makers to focus on the need for a classic rules-based reform of the international monetary system. 

Featured

ECB Watching

by John B. Taylorvia Economics One
Sunday, April 9, 2017

Hundreds of financial market participants and news reporters showed up for the 18th annual “ECB and its Watchers” conference in Frankfurt last week. I was one of the speakers as I was at the first conference in 1999. It was a good day for talking about policy with candid questions and answers.

Interviews

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.

Featured

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. 

Featured

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
Featured

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.

Featured

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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