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

Beware of Announcement Effects When Assessing Policy Interventions

by John B. Taylorvia Advancing a Free Society
Thursday, October 7, 2010

The effects of exchange market interventions are frequently estimated by looking at what happened on the day of the announcement of the intervention or of the intervention itself. But my observation—based in part on experience running the international division of the U.S.

Analysis and Commentary

Meltzer’s History Lesson

by John B. Taylorvia Economics One
Monday, October 4, 2010

I recently had the pleasure of reading, and then writing a review of, Allan Meltzer’s monumental A History of the Federal Reserve, Volume 2...The lesson from this thorough 2,112-page history deserves careful consideration by policymakers today...

Trading Places: HIPCs and HIICs

by John B. Taylorvia Advancing a Free Society
Friday, October 1, 2010

I thought of the movie Trading Places when I saw the term HIIC in the headline of today's Wall Street Journal article by Kelly Evans.

Analysis and Commentary

Trading Places: HIPCs and HIICs

by John B. Taylorvia Economics One
Friday, October 1, 2010

I thought of the movie Trading Places when I saw the term HIIC in the headline of today's Wall Street Journal article by Kelly Evans. The new term refers to the "Heavily Indebted Industrialized Countries" and of course to the exploding debt of these countries...

New Evidence Shows that Low Interest Rate Led To Yield Search

by John B. Taylorvia Advancing a Free Society
Thursday, September 30, 2010

New empirical research establishes a strong relationship between very low interest rates set by the Fed, as in the period 2002-2005, and a risk-taking search for yield.

Analysis and Commentary

Policy Rule Gaps as Forecasts of Currency and Interest Rate Movements

by John B. Taylorvia Economics One
Thursday, September 30, 2010

Currency strategists at the Scotiabank are using “policy rule differentials” rather than simple “interest rate differentials” in a creative way to predict interest rate and currency movements...

Policy Rule Gaps as Forecasts of Currency and Interest Rate Movements

by John B. Taylorvia Advancing a Free Society
Thursday, September 30, 2010

Currency strategists at the Scotiabank are using “policy rule differentials” rather than simple “interest rate differentials” in a creative way to predict interest rate and currency movements.

Lessons from the Great Deviation

by John B. Taylorvia Hoover Digest
Wednesday, September 29, 2010

How the Great Deviation killed the Great Moderation and gave birth
to the Great Recession.

The Transparent Effect of Foreign Interest Rates on Central Bank Decisions

by John B. Taylorvia Advancing a Free Society
Sunday, September 26, 2010

Last June the central bank of Norway hosted a fascinating conference in Oslo on the use of monetary policy rules in small open economies. The Norges Bank is a remarkably transparent central bank.

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