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

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

Analysis and Commentary

Greg Mankiw and Homework on Marginal Tax Rates

by John B. Taylorvia Economics One (blog)
Sunday, November 1, 2009

In an op-ed in today's New York Times Harvard's Greg Mankiw gives a good example of how government transfer programs increase marginal tax rates...

Analysis and Commentary

National Accounts Show Stimulus Did Not Fuel GDP Growth

by John B. Taylor with John F. Coganvia Economics One (blog)
Friday, October 30, 2009

Along with the news that real GDP growth improved from -0.7 percent in the second quarter to 3.5 percent in the fourth quarter, the Bureau of Economic Analysis (BEA) released detailed National Income and Product Account tables yesterday, which received little comment in the press today...

Analysis and Commentary

Ending Government Bailouts As We Know Them

by John B. Taylorvia Economics One (blog)
Tuesday, October 27, 2009

Fears of potential damage from the failure of a large financial institution has created a bailout mentality in which the U.S. government has committed many billions of dollars, intervened in the operations of scores of private firms, and caused excessive risk-taking...

Analysis and Commentary

And the Answer Is…Productivity

by John B. Taylorvia Economics One (blog)
Saturday, October 24, 2009

I teach Economics 1 with an “audience response system” similar to the ones you see on TV game shows...

Analysis and Commentary

Testimony By John B. Taylor Subcommittee on Commercial and Administrative Law Committee on the Judiciary United States House of Representatives

by John B. Taylorvia United States House of Representatives
Thursday, October 22, 2009

Thank you for the opportunity to provide testimony for this hearing on bankruptcy and non-bankruptcy alternatives for failing non-bank financial institutions...

Analysis and Commentary

Speaking of Monetary Policy Rules

by John B. Taylorvia Economics One (blog)
Friday, October 16, 2009

This was another week with a lot of commentary on the Taylor Rule, and I am grateful to Jon Hilsenrath of the Wall Street Journal for suggesting an interview with me on the subject and posting it on Wednesday...

Analysis and Commentary

Golden Balls and Duopoly: Shocking or Predictable?

by John B. Taylorvia Economics One (blog)
Thursday, October 15, 2009

Want to see an amazing illustration of how the game theory model of duopoly works?...

Analysis and Commentary

A Teachable Moment

by John B. Taylorvia Economics One (blog)
Monday, October 12, 2009

The awarding of the Nobel Prize in economics is always a teachable moment...

Analysis and Commentary

To Prevent Bubbles, Don’t Create Them

by John B. Taylorvia Economics One (blog)
Sunday, October 11, 2009

In their widely-cited Wall Street Journal column last week, Ian Bremmer and Nuriel Roubini argue that to prevent asset price bubbles in the future the Fed should focus on “properly calculating asset prices and the risk of asset bubbles according to the Taylor rule...

a cartoon

An Unclear and Present Danger

by Kenneth E. Scott, John B. Taylorvia Hoover Digest
Friday, October 9, 2009

Why are toxic assets so hard to clean up? Partly because they’re so hard to understand. By Kenneth E. Scott and John B. Taylor.