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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In the News

The Race To Subzero: John B. Taylor Et Al. On Monetary Policy In The 21st Century

featuring John B. Taylorvia The Politic
Monday, March 23, 2020

“We’d all be better off globally if interest rates went back into positive territory, ” John B. Taylor said in an interview with The Politic. Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University, served as Undersecretary of International Affairs at the U.S. Treasury from 2001 to 2005. But he is best known as the mastermind behind the eponymous “Taylor rule,” a simple but powerful rule of thumb for monetary policymakers.

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John Taylor: Choose Economic Freedom, Choose Things That Work

interview with John B. Taylorvia CNBC
Thursday, March 19, 2020

Hoover Institution fellow John Taylor discusses policy responses to the COVID-19 economic crisis.

Federal Reserve

John Taylor: Former Fed Governor On How The Central Bank Can Help Small Businesses With Coronavirus Volatility

interview with John B. Taylorvia CNBC Television
Tuesday, March 17, 2020

Hoover Institution fellow John Taylor discusses what the Fed is doing to calm the markets and Taylor notes that more specific actions are needed as well as the reasons for those actions.


It's More Important Than Ever For Fed To Clarify Strategy, John Taylor Says

interview with John B. Taylorvia Bloomberg
Friday, March 13, 2020

Hoover Institution fellow John Taylor discusses the outlook for Federal Reserve monetary policy amid the coronavirus outbreak.


John Taylor On The Bloomberg Surveillance Podcast

interview with John B. Taylorvia Bloomberg
Friday, March 13, 2020

(26:15) Hoover Institution fellow John Taylor says countries need more clarification and coordination on their next steps to combating coronavirus.


Expect Sales To Increase In Areas Outside Travel And Leisure Amid Coronavirus Outbreak, Says John Taylor

interview with John B. Taylorvia CNBC
Friday, March 6, 2020

Hoover Institution fellow John Taylor discusses the effect of the coronavirus on markets and monetary policy.


John Taylor: Fed Likely Won't Cut Rates Before March Meeting Because Of Coronavirus Concerns

interview with John B. Taylorvia CNBC
Tuesday, March 3, 2020

Hoover Institution fellow John Taylor discusses what's ahead for the Fed as well as global interest rates in light of the issues created by the coronavirus.


Choose Economic Freedom: Enduring Policy Lessons from the 1970s and 1980s

by George P. Shultz, John B. Taylor featuring Milton Friedmanvia Hoover Institution Press
Sunday, March 1, 2020

What are the keys to good economic policy? George P. Shultz and John B. Taylor draw from their several decades of experience at the forefront of national economic policy making to show how market fundamentals beat politically-popular government interventions—be they from Democrats or Republicans—as a recipe for success.

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From the Past to the Future: Ideas and Actions for a Free Society | The Mont Pelerin Society

via Books by Hoover Fellows
Friday, February 28, 2020

In this collection leading scholars and practitioners discuss ideas about freedom and how to take the ideas into action today. The discussions took place at a January 2020 meeting of the Mont Pelerin Society which was founded in 1947 for the “preservation and improvement of the free society.” Today, challenges to the free society are again mounting and threatening economic growth and rising prosperity. We hear calls for a return to socialism, for restrictions on trade, for regulations on firms and individuals that go well beyond cost-benefit calculations.


The New-Old Threat To Economic Freedom

by John B. Taylorvia Project Syndicate
Thursday, February 27, 2020

With politicians proposing policies that would vastly expand the size of the government and its involvement in the economy, it is clear that too many Americans have forgotten the lessons of the twentieth century. As Friedrich Hayek and Milton Friedman pointed out long ago, deviating from market principles is a recipe for disaster.