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

Analysis and Commentary

What’s Past Is Prologue. Study The Past

by John B. Taylor mentioning John F. Coganvia Economics One
Monday, December 18, 2017

Each year the Wall Street Journal asks friends for their favorite books of the year. Two years ago I chose Thomas Sowell’s history of income distribution in Wealth, Poverty, and Politics and Brian Kilmeade’s history on Thomas Jefferson and the Tripoli Pirates. Last year I chose The Man Who Knew, Sebastian Mallaby’s biography of Alan Greenspan, and War by Other Means by Bob Blackwill and Jennifer Harris. This year I chose two amazingly relevant books on U.S. economic history: John Cogan’s The High Cost of Good Intentions: A History of U.S. Federal Entitlement Programs and Doug Irwin’s Clashing over Commerce: A History of US Trade Policy.

Featured

Economists Respond To Summers, Furman Over Mnuchin Letter

by Robert J. Barro, Michael J. Boskin, Douglas Holtz-Eakin, R. Glenn Hubbard, Lawrence B. Lindsey, Harvey S. Rosen, George P. Shultz, John B. Taylorvia The Washington Post
Wednesday, November 29, 2017

Dear Lawrence Summers and Jason Furman, We read with interest your Dear Colleague letter in The Washington Post in response to ours in the Wall Street Journal. You ask if we have considered several points you make. The answer is yes — we have considered each before coming to our conclusion.

Featured

How Tax Reform Will Lift The Economy

by Michael J. Boskin, John F. Cogan, George P. Shultz, John B. Taylorvia The Wall Street Journal
Sunday, November 26, 2017

 [Subscription required] We believe the Republican bills could boost GDP 3% to 4% long term by reducing the cost of capital.

Analysis and Commentary

A Policy Rule Presented At A Conference 25 Years Ago Today

by John B. Taylorvia Economics One
Tuesday, November 21, 2017

Ed Nelson sent me a nice note today saying that the past two days (November 20-21) mark “the twenty-fifth anniversary of the Carnegie-Rochester Conference at which you laid out your rule.” I had forgotten about the specific dates, but his note reminds me how much has changed in those 25 years.

Analysis and Commentary

Remarks At The Panel “Toward A Rules-Based International Monetary System”

by John B. Taylorvia Cato Institute
Thursday, November 16, 2017

It is a pleasure to be on this panel on moving toward a more rules-based international monetary system. Over the past few years I have been making the case for such a system. In fact I made the case over 30 years ago in Taylor (1985), and the ideas go back over 30 years before that to Milton Friedman (1953). However, the case for such a system is now much stronger because the monetary system drifted away from a rules-based approach in the past dozen years and, as Paul Volcker (2014) reminds us, the absence of a rules-based monetary system “has not been a great success.”

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Time to Get Growing

by John F. Cogan, R. Glenn Hubbard, John B. Taylor, Kevin Warshvia Hoover Digest
Monday, October 23, 2017

Weak economic performance is not inevitable. 

Featured

John Taylor Presentation And Q&A At Boston Fed

by John B. Taylorvia Cetus News
Monday, October 16, 2017

Stanford University economist John Taylor, a candidate to become the next chairman of the Federal Reserve, laid out his case for monetary policy rules at a Boston Fed conference.

Analysis and Commentary

New Results On International Monetary Policy Presented At The Swiss National Bank

by John B. Taylorvia Economics One
Friday, September 22, 2017

This week I gave the Swiss National Bank’s Annual Karl Brunner Lecture in Zurich, and I thank Thomas Jordan who introduced me and the hundreds of central bankers, bankers, and academics who filled the big auditorium. Karl was a brilliant, innovative economist who thought seriously about both policy ideas and institutions. For the lecture, I focused on ideas and institutions for international monetary policy.

Featured

Still Learning From Milton Friedman: Version 3.0

by John B. Taylorvia Economics One
Monday, July 31, 2017

We can still learn much from Milton Friedman, as we celebrate his 105th birthday today. Here I consider what we can learn from his participation in the monetary policy debates in the 1960s and 1970s. I draw from a 2002 paper that I presented to lead off his 90th birthday celebration in Chicago in 2002 and from two 2012 pieces: a paper I presented at the centennial of his birth in 2012 and an article written on his 100th birthday in 2012.The lessons are very relevant to the debates raging during the last 15 years and continuing today.

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On The Prospects For Higher Economic Growth

by John F. Cogan, R. Glenn Hubbard, John B. Taylor, Kevin Warshvia Analysis
Tuesday, July 18, 2017

Hoover and AEI economists release white paper on comprehensive economic policy reforms to achieve 3 percent growth.

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