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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Papers And Presentations

Fiscal Stimulus Programs During the Great Recession

by John B. Taylorvia Revisiting the 2008 Financial Crisis
Friday, December 7, 2018

Remarks prepared for the “Recession” Session at the “Workshop Series on the 2008 Financial Crisis: Causes, The Panic, The Recession, Lessons”

Transcript

Revisiting the 2008 Financial Crisis: The Panic (Transcript)

by John B. Taylorvia Revisiting the 2008 Financial Crisis
Thursday, November 15, 2018

The transcript of the session “Workshop Series on the 2008 Financial Crisis: The Panic,” at the Hoover Institution, Stanford University on November 9, 2018. Chaired by John Cochrane with opening presentations by George P. Shultz and Niall Ferguson, followed by a general group discussion.

Featured

Now They’re All Saying “It’s Time To Write Chapter 14 Into Law”

by John B. Taylorvia Economics One
Wednesday, November 14, 2018

Yesterday the Senate Judiciary Committee held an important hearing entitled “Big Bank Bankruptcy: 10 Years After Lehman Brothers.” Originally scheduled for October, but postponed because of the debate over the Kavanaugh confirmation, the hearing concentrated on legislation that would create a new “Chapter 14” of the bankruptcy code under which large financial institutions could go into bankruptcy without spreading the crisis to the rest of the financial system.

Transcript

Revisiting the 2008 Financial Crisis: The Causes (Transcript)

by John B. Taylorvia Revisiting the 2008 Financial Crisis
Thursday, November 1, 2018

The transcript of the session “Workshop Series on the 2008 Financial Crisis: The Causes,” at the Hoover Institution, Stanford University on October 19, 2018. Chaired by John Cochrane with opening presentations by John B. Taylor and Monika Piazzesi, followed by a general group discussion.

Papers And Presentations

Government as a Cause of the 2008 Financial Crisis: A Reassessment After 10 Years

by John B. Taylorvia Revisiting the 2008 Financial Crisis
Friday, October 19, 2018

Remarks prepared for the “Causes” Session “Workshop Series on the 2008 Financial Crisis: Causes, The Panic, The Recession, Lessons”

Featured

Three Attributes Of A Sustainable Open And Stable Global Order

by John B. Taylorvia Economics One
Sunday, October 14, 2018

The IMF/World Bank meetings were held in Bali last week. In addition to the many good beaches there were many good panels including one I was on with Mark Carney and Agustin Carstens. It was organized by the Group of Thirty, led by Jacob Frenkel and Tharman Shanmugaratnam, and focused on “Sustaining an Open and Stable Global Order.”

IntellectionsFeatured

The Danger Of Regulatory Capture

by John B. Taylorvia PolicyEd
Thursday, October 11, 2018

Regulatory capture occurs when regulatory agencies become dominated by the very industries they were charged with regulating, prompting regulators to advance the goals and interests of those industries. While regulation is necessary and can be done well, it must always be balanced against the potential for unintended consequences that harm the consumers it is intended to protect.

Analysis and Commentary

Econ 1, Tiger Woods, And The Crisis@10

by John B. Taylorvia Economics One
Monday, September 24, 2018

Today is the first day of the fall quarter at Stanford, and I begin teaching Economics 1, the introductory economics course, and the course after which this blog is named. The first day is always exciting, especially with many first-year students in class as is the case with Economics 1.

Featured

Stiglitz, Summers, Secular Stagnation, And The Supply Side

by John B. Taylor mentioning John F. Coganvia Economics One
Sunday, September 16, 2018

Joe Stiglitz recently published an attack, “The Myth of Secular Stagnation,” on Larry Summers’ hypothesis of secular stagnation, a revival of a term used by Alvin Hansen decades ago. Larry first presented his secular stagnation hypothesis at a conference jointly hosted by the Brookings Institution and the Hoover Institution on October 1, 2013, during the fifth anniversary of the financial crisis. It has gone viral since then.

Featured

17 Years Of Economic And Security Challenges

by John B. Taylorvia Economics One
Tuesday, September 11, 2018

Today we remember September 11, 2001 and all that has changed in the past 17 years.

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