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

Policy InsightsFeatured

Fixing Economic Inequality

featuring John B. Taylor, Lee Ohanian, Joshua D. Rauh, John H. Cochrane, John F. Cogan, Michael J. Boskin, David R. Henderson, Daniel Heilvia PolicyEd
Monday, August 30, 2021

Is today’s economic inequality as grotesque and morally intolerable as many say it is? And, more importantly, will politicians proposed solutions expand economic opportunity for everyone?

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Fixing Economic Inequality

featuring John B. Taylor, Lee Ohanian, Joshua D. Rauh, John H. Cochrane, John F. Cogan, Michael J. Boskin, David R. Henderson, Daniel Heilvia Policy Insights | A Succinct Guide to Important Policy Questions
Monday, August 30, 2021

Is today’s economic inequality as grotesque and morally intolerable as many say it is? And, more importantly, will politicians proposed solutions expand economic opportunity for everyone?

Analysis and Commentary

New Principles Of Economics Now Available

by John B. Taylorvia Economics One
Saturday, August 28, 2021

I am very happy to say that the new edition of Principles of Economics v9.1 is now officially published. Here is where you can find it on the FlatWorld web page: https://catalog.flatworldknowledge.com/catalog/editions/principles-of-economics-9-1. It has been pleasure for me to continue to work on this edition with Akila Weerapana of Wellesley College, who brings terrific experience and knowledge of teaching basic economic principles.

Featured

The Fed’s State Of Exception

by John B. Taylorvia Project Syndicate
Thursday, August 12, 2021

Despite the recent surge of inflation in the United States, the Federal Reserve is keeping the federal funds rate in a range far below what its own monetary-policy rules would prescribe. But since history shows that this deviation cannot last indefinitely, it would be better to normalize sooner rather than later.

Policy BriefsFeatured

John Taylor Defends A Rules-Based Monetary Policy

by John B. Taylorvia PolicyEd
Thursday, August 5, 2021

John Taylor discusses rules-based and discretionary monetary policies.

Featured

“The Most Reckless Monetary Policy Since Arthur Burns”

by John B. Taylorvia Economics One
Thursday, July 29, 2021

Today the Editorial Board of the Wall Street Journal wrote that the Federal Open Market Committee has shown “little interest in reeling in what has been the most reckless monetary policy since Arthur Burns roamed the Eccles Building.” Last month I published an article, which Project Syndicate...

Analysis and Commentary

Shortest Recession In US History

by John B. Taylorvia Economics One
Tuesday, July 20, 2021

The Business Cycle Dating Committee of the National Bureau of Economic Research has a very important job. It is responsible for determining the peaks and troughs of business cycles in the United States. It thus decides how long recessions are and also how long expansions are. The Chair of the Committee is Professor Robert Hall of Stanford University.

Borrowed Time

by George P. Shultz, John F. Cogan, John B. Taylorvia Hoover Digest
Thursday, July 15, 2021

The United States was already on a dangerous debt binge even before the pandemic. More reckless spending will overwhelm investment, growth, and job creation.

Analysis and Commentary

Monetary Policy A Half Century Ago, And Now

by John B. Taylorvia Economics One
Friday, June 25, 2021

Today I published an article in Project Syndicate. It starts with a memo sent fifty years ago, on June 22, 1971, by Fed Chair Arthur Burns to President Richard Nixon. Inflation was rising and Burns wrote to Nixon that the Fed was not to blame. Rather the economy had changed and a new policy – a wage and price freeze and controls—was needed.

Featured

Is The Fed Getting Burned Again?

by John B. Taylorvia Project Syndicate
Friday, June 25, 2021

As in the stagflationary 1970s, the US Federal Reserve is once again denying that its own policies are the reason for a recent surge of inflation, even though there is good reason to think that they are. It is not too late to learn from past mistakes and reverse course – but the clock is quickly ticking down.

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