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

Rules And Strategies In The Fed’s New Monetary Policy Report

by John B. Taylorvia Economics One
Monday, July 16, 2018

The Fed’s Monetary Policy Report released last Friday devotes a lot of space to monetary policy rules. This is the third time in a row that the monetary policy report has included such discussions, the first being in July 2017 and the second in February 2018.  Compared with the previous two monetary policy reports, this Report adds new material on policy rules, and is joined with a helpful discussion of policy rules now integrated into the Monetary Policy Principles and Practice section of the Fed’s web page.

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How to Fend Off Collapse

by Michael J. Boskin, John H. Cochrane , John F. Cogan, George P. Shultz, John B. Taylorvia Hoover Digest
Monday, July 9, 2018

The federal budget’s chilling forecast: annual deficits of a trillion dollars or more.

Analysis and Commentary

Still Exploding After All These Years

by John B. Taylorvia Economics One
Wednesday, July 4, 2018

For the past nine years on Independence Day (see here and here for example), I’ve plotted the most recent long-term projection of the federal debt by the Congressional Budget Office as a reminder that it’s as explosive as the Fourth of July fireworks seen all over America. The CBO just released its latest long-term forecast, and while their shortening of the horizon and eliminating the alternative fiscal scenario may blur the underlying problems, the message, like the fireworks display, is still loud and clear: The debt is still exploding after all these years.

Featured

What We Wanted We Got: A Debate On The Fed’s Balance Sheet

by John B. Taylorvia Economics One
Tuesday, July 3, 2018

A big question addressed at this year’s annual Hoover monetary conference was “The Future of the Central Bank Balance Sheet,” including the amount of reserve balances that banks hold at the Fed. The issue is one that “the [Federal Reserve] Board and the FOMC are in the process of observing and evaluating” as Vice-Chair Randy Quarles put it at the conference.

Blueprint for AmericaFeatured

National And International Monetary Reform

by John B. Taylorvia PolicyEd
Tuesday, May 29, 2018

Recent deviations from sound, rules-based monetary policy have led to an uneven economic recovery. The Federal Reserve should return to a rules-based monetary policy in order to promote economic growth and stability.

Analysis and Commentary

Toward A Rules-Based International Monetary System

by John B. Taylorvia CATO Journal
Tuesday, May 8, 2018

Over the past few years I have been making the case for moving toward a more rules-based international monetary system (e.g., Taylor 2013201420152016a2016b2017).

Analysis and Commentary

Still Crazy After All These Years—And What About The Next 50

by John B. Taylorvia Economics One
Friday, April 6, 2018

Yesterday I was talking to a friend in my office about the great benefit to students from writing undergraduate honors theses in their senior year. I have long advised students to do so, perhaps because of the rewarding experience I had years ago. It got me thinking, so I pulled my undergraduate thesis off the shelf, and I noted that it was dated April 5, 1968–submitted exactly 50 years ago to the day. The thesis was all about policy rules, and, yes, I am still working on that topic, “still crazy after all these years.”

John Taylor on a blue background with text Understanding the Unemployment Rate
Econ 1 w/ John TaylorFeatured

Understanding The Unemployment Rate

by John B. Taylorvia PolicyEd
Wednesday, March 28, 2018

The unemployment rate is the percentage of unemployed workers in the total labor force. The economic models utilize the unemployment rate to explain short-term fluctuations and long-term trends, such as job loss and recession. This makes the unemployment rate important as it determines the health of the economy when establishing economic policies.

Featured

A Debt Crisis Is On The Horizon

by Michael J. Boskin, John H. Cochrane , John F. Cogan, George P. Shultz, John B. Taylorvia The Washington Post
Tuesday, March 27, 2018

We live in a time of extraordinary promise. Breakthroughs in artificial intelligence, 3D manufacturing, medical science and other areas have the potential to dramatically raise living standards in coming decades. But a major obstacle stands squarely in the way of this promise: high and sharply rising government debt.

Featured

Monetary Policy Getting Back On Track

by John B. Taylorvia Economics One
Tuesday, March 13, 2018

In many ways, the Fed has begun to bring monetary policy back on track as it emphasizes a strategy and the use of monetary policy rules.

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