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

From Fiscal Stimulus and Fiscal Anti-Stimulus

by John B. Taylorvia Advancing a Free Society
Monday, January 11, 2010

In an interesting new paper, University of Chicago economists Thorsten Drautzburg and Harald Uhlig calculate the impact the $787 billion fiscal stimulus package passed last year.

Analysis and Commentary

The Fed and the Crisis: A Reply to Ben Bernanke

by John B. Taylorvia Wall Street Journal
Sunday, January 10, 2010

Federal Reserve Board Chairman Ben Bernanke spent most of his speech to the American Economic Association on Jan. 3 responding to the critique that easy monetary policy during 2002-2005 contributed to the housing boom, to excessive risk taking, and thereby to the financial crisis. . . .

Learning from the Great Inflation

by John B. Taylorvia Advancing a Free Society
Saturday, January 9, 2010

Many are worried that the exploding Federal debt and the expanded Federal Reserve Balance sheet will lead to a large increase in inflation. But when and how fast?

Analysis and Commentary

Ben Bernanke's AEA Speech

by John B. Taylorvia Economics One (blog)
Saturday, January 9, 2010

On New Years Day I wrote a piece on the surprising increase in the number of references to the Taylor rule in 2009. Little did I know that two days later Federal Reserve Board Chairman Ben Bernanke would start off 2010 with a speech with 50 more references at the American Economic Association (AEA) meeting in Atlanta. . . .

Analysis and Commentary

Learning from the Great Inflation

by John B. Taylorvia Economics One (blog)
Saturday, January 9, 2010

Many are worried that the exploding Federal debt and the expanded Federal Reserve Balance sheet will lead to a large increase in inflation. . . .

Ben Bernanke’s AEA Speech

by John B. Taylorvia Advancing a Free Society
Saturday, January 9, 2010

On New Years Day I wrote a piece on the surprising increase in the number of references to the Taylor rule in 2009.

From Woodford to DeLong On Monetary Policy Rules

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

Surprisingly, the Taylor rule was referred to more frequently than ever in 2009. According to Google Scholar more articles referred to it than in any year since 1993 when John Lipsky, now First Deputy Managing Director at the IMF, first called the rule by that name.

Measuring the Impact of the Stimulus Package with Economic Models

by John B. Taylorvia Advancing a Free Society
Wednesday, December 30, 2009

It's been nearly a year since the stimulus package of 2009 was passed. Unfortunately most attempts to answer the question “What was the size of the impact?” are still based on economic models in which the answer is built-in, and was built-in well before the stimulus.

Analysis and Commentary

Implications of the Crisis for Introductory Economics

by John B. Taylor with Michael J. Boskin, Robert E. Hallvia Economics One (blog)
Saturday, December 26, 2009

People ask how I think introductory economics teaching should change as a result of the financial crisis. . . .

Analysis and Commentary

Financial Crisis Inquiry Commission Gets Started

by John B. Taylorvia Economics One (blog)
Tuesday, December 22, 2009

Today the Financial Crisis Inquiry Commission announced its first public hearing, which will start at 9 am on January 13 and continue through January 14. The topic: Causes and Current State of the Financial Crisis. . . .

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