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

BooksFeatured

Reflections On Allan H. Meltzer’s Contributions To Monetary Economics And Public Policy

featuring Allan H. Meltzer, Michael D. Bordo, Charles I. Plosser, John B. Taylorvia Hoover Institution Press
Tuesday, October 1, 2019

Allan H. Meltzer (1928–2017), a twentieth-century macroeconomist, was an innovator in the field of monetary economics and public policy, showing how central banking could influence economic disasters. Meltzer was also a valued consultant both in the United States and overseas, championing rules-based monetary policy and free markets. Eleven prominent economists reflect on his contributions in this volume edited by David Beckworth.

Analysis and Commentary

9/11/2001 And The 18 Years Since Then

by John B. Taylorvia Economics One
Wednesday, September 11, 2019

Today we remember September 11, 2001 and all that has happened in the 18 years since then.

Featured

Economics 1: Now More Important Than Ever

by John B. Taylorvia Economics One
Monday, September 9, 2019

Two weeks from today, I start teaching Economics 1, Stanford’s introductory economics course, and the namesake of this blog and my twitter account.   I am looking forward to it, and for the same three reasons that I gave 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.”

In the News

How The Taylor Rule Fits In A Zero-Bound World

featuring John B. Taylorvia Financial Review
Thursday, August 29, 2019

John B. Taylor, who authored – and gave his name to – one of the most celebrated rules in central banking over the past quarter century, says he is amazed at its resilience as a guide for policymakers.

In the News

The Revival Of Research On Monetary Policy Rules: Facts And Future Directions

featuring John B. Taylorvia Australian National University
Wednesday, August 28, 2019
Policy rules were the subject of much research in the 1970’s, 1980’s and 1990’s, but in the following years, until recently, there was a lull. Now there’s a big pickup, whether at conferences, in research papers, or in central bank publications, including whole new sections on rules in comparison with actual policy.
Interviews

John Taylor On "Rules-Based Fed Policy"

interview with John B. Taylorvia CNBC
Wednesday, August 21, 2019

Hoover Institution fellow John Taylor discusses the importance of an independent, accountable central bank.

Analysis and Commentary

Choice Of IMF Managing Director Should Reflect 75 Years Of Change

by John B. Taylor mentioning Raghuram Rajanvia Economics One
Sunday, August 18, 2019

Last week Raghu Rajan and I coauthored an article for the Financial Times. We argued that the IMF should no longer continue the tradition that the Managing Director of the International Monetary Fund be a European. Instead, it should “break the mould by appointing the best possible candidate to the job, regardless of nationality,” and “hold an open competition” for the position.

Featured

The New IMF Head Should Not Be Dictated By The Tired, Old, EU Order

by John B. Taylor, Raghuram Rajanvia Financial Times
Sunday, August 11, 2019

[Subscription Required] It is not easy to predict where financial stresses that require alleviation by the IMF will emerge next, or what form the mitigation strategies will take. Almost certainly, though, after a period of extremely easy liquidity and associated leveraging in financial markets, the call on IMF advice and resources will be greater than in the past. Its support will have to take new forms. It will also have to sell economic-policy packages to a governing body from an increasingly multipolar world.

Featured

A Beautiful Model Now Questioned

by John B. Taylorvia Economics One
Wednesday, August 7, 2019

A few days ago, an amazing thing happened when Thomas Brand (@thlbr) tweeted about a short article I posted on my blog EconomicsOne.com. My post was old–posted 10 years ago on October 3, 2009–and I titled it “A Beautiful Model, A Clear Prediction.”

Featured

Central Bank Independence Is Not Enough

by John B. Taylorvia Economics One
Tuesday, August 6, 2019

Four former chairs of the Fed  wrote in the Wall Street Journal today about the importance of Fed independence. I agree, but their article should have emphasized that independence is not enough.  Economic performance has been affected by large shifts between more rules-based and less rules-based policy by the Fed without any concomitant change in the legal basis for independence. De jure independence has not prevented the Fed from harmful departures from rules-based policies.

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