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

Analysis and Commentary

The Room Where It Happens

by John B. Taylorvia Economics One
Thursday, December 22, 2016

I enjoy the nexus between the world of ideas and the world of action, probably because I have gone back and forth between those two worlds several times as described here. There is nothing more rewarding then developing ideas and then having the opportunity to bring them into action.

Analysis and Commentary

Show Us Your Model And Your Method

by John B. Taylorvia Economics One
Thursday, December 22, 2016

In a Wall Street Journal op-ed today I addressed claims made by Neel Kashkari in an earlier op-ed about rules-based monetary reforms, showing that his claims that the reforms were mechanical or computer-run were simply false and misleading.


Unconventional Monetary Policy, Normalization, And Reform

by John B. Taylorvia Economics One
Friday, December 9, 2016

This week the Monetary Policy Subcommittee of the House Financial Services Committee held a hearing on “Unconventional Monetary Policy.” Charles Plosser, Mickey Levy, Simon Johnson and I testified. 

John Taylor: Unconventional Monetary Policy

featuring John B. Taylorvia U.S. House Committee on Financial Services
Wednesday, December 7, 2016

On December 7, 2016, John Taylor testified in front of the House Committee on Financial Services on "Unconventional Monetary Policy."


John Taylor: Hearing Entitled “Unconventional Monetary Policy”

by John B. Taylorvia U.S. House Committee on Financial Services
Wednesday, December 7, 2016

Hoover Institution fellow John Taylor testifies before the Financial Services Committee concerning monetary policy.

Central Bank Governance And Oversight Reform: A Panel Discussion

by Michael D. Bordo, John H. Cochrane, Charles I. Plosser, John B. Taylor, Kevin Warsh
Tuesday, December 6, 2016

The Hoover Institution hosted "Central Bank Governance & Oversight Reform: A Panel Discussion" on Tuesday, December 6, 2016 from 10:00am - 12:00pm EST.

Analysis and Commentary

Independence And The Scope Of The Central Bank’s Mandate

by John B. Taylorvia Riksbank
Thursday, December 1, 2016

In these remarks I discuss issues relating to the independence of central banks and to the scope of the mandate given to central banks. In addressing these issues I draw on my own research and on several recent conferences that take a rules-based approach to monetary policy.


A New Opportunity For Monetary Reform

by John B. Taylorvia Economics One
Friday, November 25, 2016

The opportunity for pro-growth tax reform (lower rates with a broader base) and pro-growth regulatory reform (with rigorous cost-benefit tests) is now better than it has been in years, because of similarities between reform ideas put forth by Congress—many in bills that have passed the House—and those put forth by president-elect Trump.

Analysis and Commentary

Central Bank Models: A Key To Future Monetary Policy

by John B. Taylorvia Economics One
Wednesday, November 23, 2016

In thinking about the future of monetary policy, it’s important to consider legislative reforms and appointments, but it’s also important to consider the economic models that have come to be a key part of policy making in central banks. The Bank of Canada showed a great deal of vision last week when it invited economists and practitioners to discuss “Central Bank Models: The Next Generation.”


A Primer On The Debt And The Deficit

by John B. Taylorvia
Friday, November 18, 2016

John Taylor discusses the major components of fiscal policy and their effect on the US economy. This series covers the complexities of the budget process, the debt and deficit, and the economy and the deficit.