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

Is an Orderly Restructuring of Greek Debt Feasible?

by John B. Taylorvia Advancing a Free Society
Monday, June 14, 2010

Many economists argue that the Greek government, even with the help of the European/IMF rescue package, will eventually have to restructure its debt.

Teaching What Is Exciting, Wonderful, and Fun … at All Levels

by John B. Taylorvia Advancing a Free Society
Friday, June 11, 2010

People often ask me what it’s like to teach both introductory economics courses and Ph.D. level economics courses in the same academic year, which I have done regularly for many years at Stanford including this year.

Is the G20 Starting to Get Back on Track?

by John B. Taylorvia Advancing a Free Society
Monday, June 7, 2010

This past weekend’s meeting of the G20 finance ministers and central bank governors in Korea ended with a rejection of calls for more fiscal stimulus. This is a marked change from their meeting held just over a month ago in Washington. It’s a change for the better.

Analysis and Commentary

Is the G20 Starting to Get Back on Track?

by John B. Taylorvia Economics One
Monday, June 7, 2010

This past weekend’s meeting of the G20 finance ministers and central bank governors in Korea ended with a rejection of calls for more fiscal stimulus. This is a marked change from their meeting held just over a month ago in Washington...

The Fed’s Swap Loans and Libor – OIS Spread

by John B. Taylorvia Advancing a Free Society
Thursday, May 27, 2010

For about two years—from August 2007 to September 2009—fluctuations in the spread between dollar Libor and the overnight index swap (OIS) served as a valuable quantitative indicator of financial stress in the interbank loan market.

Analysis and Commentary

The Fed’s Swap Loans and Libor – OIS Spread

by John B. Taylorvia Economics One
Thursday, May 27, 2010

From about two years—from August 2007 to September 2009—fluctuations in the spread between dollar Libor and the overnight index swap (OIS) served as a valuable quantitative indicator of financial stress in the interbank loan market...

Analysis and Commentary

The Administration and the IMF on the Multiplier

by John B. Taylorvia Economics One
Friday, May 21, 2010

In a soon to be published paper, several economists at the International Monetary Fund report estimates of government spending multipliers which are much smaller than those previously reported by the U.S. Administration...

The Administration and the IMF on the Multiplier

by John B. Taylorvia Advancing a Free Society
Friday, May 21, 2010

In a soon to be published paper, several economists at the International Monetary Fund report estimates of government spending multipliers which are much smaller than those previously reported by the U.S. Administration.

Analysis and Commentary

The Euro's Post-Package Slide

by John B. Taylorvia Economics One
Sunday, May 16, 2010

The euro's continued decline throughout last week (see chart) shows that this set-back was not only a harbinger, but also the first in sequence of negative market reactions...

The Euro’s Post-Package Slide

by John B. Taylorvia Advancing a Free Society
Sunday, May 16, 2010

In a column Central Banks are Losing Credibility published in the Financial Times last Tuesday, just after the announcement of the European rescue plan, I n

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