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

Featured

Some Thoughts On The Business Roundtable's Statement Of Corporate Purpose

by George P. Shultz, Michael J. Boskin, John F. Cogan, John B. Taylorvia Real Clear Markets
Wednesday, February 5, 2020

From time to time in the last 150 years, a socialist impulse has taken hold among a significant segment of the U.S. population. This impulse was a primary driver behind the 1880s populists’ movement and among progressives in the 1910s. It was dominant ideology among socialists in the 1930s and among young radicals and intellectuals in the 1960s. Today, there is a similar collectivist sentiment running through America. 

In the News

Condoleezza Rice To Helm Hoover Institution At Stanford University

quoting Condoleezza Rice, John B. Taylor, Thomas W. Gilliganvia Palo Alto Online
Tuesday, January 28, 2020

Former U.S. Secretary of State Condoleezza Rice has been chosen as director of Stanford University's Hoover Institution, Stanford President Marc Tessier-Lavigne announced Tuesday.

Analysis and Commentary

Structural, Not Cyclical, Budget Reform

by John B. Taylorvia Economics One
Wednesday, January 22, 2020

Today I published a column in Project Syndicate on fiscal policy. I am positive about pro-growth effects of the tax reform in the 2017 tax act and of the greater use of cost-benefit analysis in the recent regulatory reform effort. And the recent trade deals—the USMCA and “phase one” with China—take away some threats of trade wars.

FeaturedEconomy

Restoring Fiscal Order In The United States

by John B. Taylor cited John F. Coganvia Project Syndicate
Wednesday, January 22, 2020

The United States’ federal budget deficit is currently projected to explode, increasing the federal debt to unprecedentedly high levels. A very gradual fiscal consolidation, with federal spending as a share of GDP declining slightly each year, would both raise economic growth and create a more resilient economy.

Background EssayFeaturedEconomy

Economic Instruments And National Security Goals

by John B. Taylorvia Strategika
Friday, December 20, 2019

In this essay I address the question of whether economic instruments such as tariffs, embargoes, quotas, capital controls, financial sanctions, or asset freezes can achieve national security goals—economic, political, or military—and thereby help avoid international conflict, or even preclude war. The connection between economics and national security is an ancient issue about which people have debated for a long time. Thucydides wrote about the Athenians sending out ships to collect money to finance battles, but the very act of collecting money under force could be counterproductive and lead to war.

Featured

Paul Volcker Was Inflation’s Worst Enemy

by John B. Taylor mentioning Milton Friedman, George P. Shultzvia The Wall Street Journal
Monday, December 9, 2019

[Subscription required] Paul Volcker, who changed the course of economic history dramatically for the better, died Sunday at 92. He was appointed chairman of the Federal Reserve Board in 1979 by Jimmy Carter and was reappointed in 1983 by Ronald Reagan. But his influence on policy wasn’t limited to his chairmanship of the Fed.

Interviews

The Guy Benson Show Goes To Stanford University: Broadcasting LIVE From The Hoover Institution

interview with Michael McFaul, Victor Davis Hanson, Charles Blahous, Bill Whalen, Scott W. Atlas, Abbas Milani, John B. Taylorvia The Guy Benson Show
Saturday, December 7, 2019

Hoover Institution fellows Michael McFaul, Victor Davis Hanson, Charles Blahous, Bill Whalen, Scott Atlas, Abbas Milani, and John Taylor are interviewed on the Guy Benson Show.

InterviewsEconomy

Getting The Budget Straightened Out Will Help The Economy, Hoover Fellow John Taylor Says

interview with John B. Taylorvia CNBC
Wednesday, November 27, 2019

Hoover Institution fellow John Taylor discusses the latest economic data and notes that the expansion is continuing and policy should not disrupt the expansion.

Featured

A Fast And Fun Way To Learn About Rules Versus Discretion

by John B. Taylor mentioning Hoover Institutionvia Economics One
Wednesday, November 27, 2019

The Hoover Institution has initiated a fascinating Perspectives on Policy video series in which experienced experts give clear explanations of key policy issues assisted by the latest in animation technology. This is not the typical video of talking heads as you might expect. In this imaginative series tabletop cartoon figures join the experts, move around the screen, bend and twist to show emotions, and even wave at each other from time to time. 

Perspectives on PolicyFeatured

Monetary Policy: Rules Vs. Discretion

by John B. Taylorvia PolicyEd
Monday, November 25, 2019

A rules-based monetary policy is more effective in promoting economic growth and stability than a discretionary monetary policy.

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