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

In the News

An Exit Rule for Monetary Policy

by John B. Taylorvia Economics One (blog)
Tuesday, February 9, 2010

This paper was originally prepared for a hearing at the House Committee on Financial Services on “Unwinding Emergency Federal Reserve Liquidity Programs and Implications for Economic Recovery,” where I was invited to be a witness. . . .

Analysis and Commentary

The Macroeconomics of Education

by John B. Taylor with Eric Hanushekvia Economics One (blog)
Thursday, February 4, 2010

Woessmann shows that bringing US education levels up to the level of Finland would raise real GDP by over $100 trillion measured in present discounted value terms over the next 80 years. . . .

The Macroeconomics of Education

by John B. Taylorvia Advancing a Free Society
Thursday, February 4, 2010

The new study by my colleague Rick Hanushek and his coauthor Ludger Woessmann shows that bringing US education levels up to the level of Finland would raise real GDP by over $100 trillion measured in presen

One Year Later and More Evidence that the Stimulus is Not Working

by John B. Taylorvia Advancing a Free Society
Tuesday, February 2, 2010

Friday’s data release from the Bureau of Economic Analysis (BEA) shows that real GDP growth rebounded to 5.7 percent in the fourth quarter from 2.2 percent in the third quarter of last year.

Epstein and Taylor on Uncommon Knowledge.

Epstein and Taylor: Are we all Keynesians now?

by Peter M. Robinsonwith Richard A. Epstein, John B. Taylorvia Uncommon Knowledge
Tuesday, February 2, 2010

Richard Epstein and John Taylor reflect on the global economic crisis of 2008 and discuss why the Keynesian narrative of events fails to identify and explain the causes at the root of the crisis.

Analysis and Commentary

One Year Later and More Evidence that the Stimulus is Not Working

by John B. Taylorvia Economics One (blog)
Tuesday, February 2, 2010

Friday’s data release from the Bureau of Economic Analysis (BEA) shows that real GDP growth rebounded to 5.7 percent in the fourth quarter from 2.2 percent in the third quarter of last year. . . .

Music Videos on Boom and Bust

by John B. Taylorvia Advancing a Free Society
Wednesday, January 27, 2010

John Papola and Russ Roberts just put their Hayek versus Keynes rap video on youtube. It's called "Fear the Boom and Bust."

Analysis and Commentary

Analysing the impact of the Fed’s mortgage-backed securities purchase

by John B. Taylorvia VoxEu.org (Centre for Economic Policy Research)
Wednesday, January 27, 2010

There is an ongoing policy debate about when and at what speed the Federal Reserve Bank should reduce its portfolio of mortgage-backed securities (MBS). . . .

In the News

Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation

by John B. Taylorvia National Bureau of Economic Research
Wednesday, January 27, 2010

This paper documents the evolution of long-run inflation expectations and models the stance of monetary policy from 1965 to 1980. . . .

Analysis and Commentary

Music Videos on Boom and Bust

by John B. Taylor with Russell Robertsvia Economics One (blog)
Wednesday, January 27, 2010

John Papola and Russ Roberts just put their Hayek versus Keynes rap video on youtube. . . .

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