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

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

Choose Economic Freedom

by John B. Taylorvia Hoover Digest
Monday, October 19, 2020
To preserve our economic liberty, we must remember how difficult it was to win.

Economic Policy And Foreign Policy Go Together

by John B. Taylorvia Economics One
Monday, October 19, 2020

I gave the Peter G. Peterson Distinguished Lecture on “National Security and Fiscal Policy” at the Foreign Policy Association (FPA) in New York last week. Henry Fernandez gave a kind introduction and Tom Michaud moderated with great points. And thanks to FPA for the book edited by Michael Auslin and Noel Lateef, American in the World 2020.


Who’s Afraid Of Rules-Based Monetary Policy?

by John B. Taylorvia Project Syndicate
Friday, October 16, 2020

Many of the world’s central banks have been formally reviewing their monetary-policy strategies in light of COVID-19 and the experience leading up to the pandemic. Unfortunately, they appear to be drawing the wrong lessons from the challenges they face.


Foreign Policy Association Live: A Talk With John B. Taylor

interview with John B. Taylorvia Foreign Policy Association
Thursday, October 15, 2020

Hoover Institution fellow John Taylor discusses national security and fiscal policy.

Analysis and CommentaryEconomy

The Importance Of Economic Policy In The 2020 Election

by John B. Taylor mentioning John F. Coganvia Economics One
Sunday, October 11, 2020

The following article by John Cogan and me responds to commentary on our Wall Street Journal article and emphasizes the importance of economic policy.

In the News

The Most Dovish Fed In History Is On A Mission To Spur Inflation

quoting John B. Taylorvia Bloomberg Businessweek
Thursday, October 8, 2020

The central bank’s new policy framework tolerates above-target price increases. Now all we need is economic growth.

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Trump’s Economic Dream Come True

by John F. Cogan, John B. Taylorvia The Wall Street Journal
Tuesday, October 6, 2020

[Subscription required] The coronavirus-induced recession is no reason to abandon economic policies that proved their worth.

Analysis and Commentary

Economics 1 Again, But So Different

by John B. Taylorvia Economics One
Friday, September 25, 2020

We just finished the second week of Economics 1, Stanford’s introductory economics course, and the namesake of this blog and my twitter account. So far it has been fun, and for the same reasons that I mentioned years ago when I started teaching the course: (1) “I love to teach.” (2) “I love to do economic research” and teaching is “a natural extension of research.” (3) “I love economic policy—the application of economics to government as well as to decision-making in business.”

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Clearing A Path To Economic Freedom

by John B. Taylorvia Defining Ideas
Thursday, September 10, 2020

In Choose Economic Freedom, a book George Shultz and I published this year, we explained why one must choose a path that opposes socialism. Economic freedom, or free market capitalism, the term of art used in the Hoover Institution’s important Human Prosperity Project, means a rule of law, predictable policies, reliance on markets, attention to incentives, and limitations on government. Socialism, on the other hand, means arbitrary government actions replace the rule of law, policy predictability is no virtue, central decrees can replace market prices, incentives matter little, and government does not need to be restrained.

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The Case For Economic Freedom

interview with George P. Shultz, John B. Taylor, Russ Robertsvia Fellow Talks
Thursday, September 3, 2020

The Case For Economic Freedom.