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

Featured

Economics In Central Banking: John Taylor

by John B. Taylorvia Central Banking
Thursday, January 14, 2016

The global monetary system has proven an unstable place in the years after 2008. Advanced economy central banks have pumped liquidity into the system via unprecedented programmes of monetary easing, possibly averting a second Great Depression but unbalancing the system and driving violent capital flows into vulnerable economies.

Analysis and Commentary

An Economic Policy–Performance Cycle

by John B. Taylorvia Economics One
Monday, January 11, 2016

For several years I have writing about an cycle in which economic policy swings toward and away from certain key principles of economic freedom. The poor performance of the U.S. economy during the past decade —the Great Recession, the Not-So-Great Recovery, the stagnation of real income growth—can be traced to a Great Deviation from these principles, or, as John Cochrane writes, to an Era of Great Forgetting of what policy works well.

Analysis and Commentary

Listen To The Economic Experts

by John B. Taylorvia Economics One
Thursday, December 24, 2015

Each year I look forward to reading the Annual Report of the President’s Council of Economic Advisers which endeavors to explain the economy and policy from the perspective of the current Administration; my interest may have been piqued from working on Reports in the ’70s and ’90s.

Featured

Ideas And Action: A Rules-Based Deal For The IMF

by John B. Taylorvia Economics One
Thursday, December 17, 2015

Several months ago in Congressional testimony, in a Wall Street Journal article, in meetings with public officials, and in a post on Economics One, I suggested the idea that “There is room for a deal” on an important IMF reform that had been internationally pending for years, explaining that: “Treasury wants Congress to raise the U.S. contribution to the IMF, but Congress is reluctant to do so with no framework limiting IMF lending.

Analysis and Commentary

Learning From Experiences In International Economic Policy

by John B. Taylorvia Economics One
Tuesday, December 15, 2015

Last week we had a wonderful symposium in celebration of George Shultz’s 95th birthday. Many of George’s friends and colleagues spoke on the theme “Learning from Experience” in economic policy, security policy, social cohesion, and politics.

Analysis and Commentary

Two Good Doses Of Basic Economics

by John B. Taylorvia Economics One
Saturday, December 12, 2015

At a time when many politicians, academics and media commentators are focusing on income inequality, Thomas Sowell’s “Wealth, Poverty, and Politics” offers a refreshing and stimulating view. He takes a broad historical look at the geographical and cultural influences that account for the vast differences in income over the ages. 

Featured

The Great Book On Inequality And Economic Policy Thanks To Gary Becker

by John B. Taylorvia Economics One
Monday, November 30, 2015

The year 2015 was another big year for inequality books: Inequality: What Can be Done? by Anthony Atkinson, The Globalization of Inequality by François Bourguignon, Wealth, Poverty and Politics by Thomas Sowell.

Featured

False Claims About Monetary Reforms

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

In a recent blog post Adam Posen complains about “new legislative efforts” which he claims are “trying to force the Fed to follow strictly a narrow policy rule when setting monetary policy even in normal times—and report to Congress in a very literal-minded short-term way about any deviations from that rule.” 

Analysis and Commentary

Staggering Neo-Fisherian Ideas And Staggered Contracts

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

In a recent paper Do Higher Interest Rates Raise or Lower Inflation? and a follow-up post, John Cochrane delves into the “neo-Fisherian” idea that “maybe raising interest rates raises inflation” and lowering interest rates lowers inflation.

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