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

Analysis and Commentary

The threat posed by ballooning Federal reserves

by John B. Taylorvia Financial Times
Monday, March 23, 2009

An explosion of money is the main reason, but not the only one, to be concerned about last week’s surprise decision by the Federal Reserve to increase sharply its holdings of mortgage backed securities and to start purchasing longer term Treasury securities...

In the News

New Keynesian versus Old Keynesian

by John F. Cogan, John B. Taylorvia Hoover Daily Report
Saturday, February 28, 2009

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy...

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Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis

by John B. Taylorvia Hoover Press
Thursday, February 26, 2009

Throughout history, financial crises have always been caused by excesses—frequently monetary excesses—which lead to a boom and an inevitable bust. In our current crisis it was a housing boom and bust that in turn led to financial turmoil in the United States and other countries.

Analysis and Commentary

How Government Created the Financial Crisis

by John B. Taylorvia Wall Street Journal
Monday, February 9, 2009

Research shows the failure to rescue Lehman did not trigger the fall panic.

Crisis Management with John Taylor

Crisis Management with John Taylor

by Peter M. Robinsonwith John B. Taylorvia Uncommon Knowledge
Monday, January 5, 2009

What are the lessons we learned -- and perhaps unlearned -- that permitted the American economy, once so convulsive, to grow in such a robust and sustained way for the last quarter of a century? Economist John Taylor discusses today’s financial crisis, which he labels the most “unusual” crisis since the Great Depression. He identifies a number of factors contributing to the crisis, but locates its origins in the monetary excesses of the Fed. In outlining what the government should and should not do in response to the crisis, he concludes that it will be tragic if we forget all we have learned over the past two and a half decades about the importance of the private sector and the free market. (36:20) Video transcript

Analysis and Commentary

From Woodford to DeLong On Monetary Policy Rules

by John B. Taylor with Robert E. Hallvia Economics One (blog)
Thursday, January 1, 2009

Surprisingly, the Taylor rule was referred to more frequently than ever in 2009. . . .

Analysis and Commentary

Why Permanent Tax Cuts Are the Best Stimulus

by John B. Taylor with Milton Friedmanvia Wall Street Journal
Tuesday, November 25, 2008

Short-term fiscal policies fail to promote long-term growth.

Blank Section (Placeholder)In the News

The State of the Economy and Principles for Fiscal Stimulus

featuring John B. Taylorvia Committee on the Budget, United States Senate
Wednesday, November 19, 2008
Testimony before the Committee on the Budget 
United States Senate 
Analysis and Commentary

McCain's economic plan boosts middle class

by John B. Taylorvia San Francisco Chronicle
Sunday, October 5, 2008

John McCain's economic plan is designed from the ground up to raise incomes and create jobs for Americans - especially middle-class Americans - and get our economy moving again...

Analysis and Commentary

John McCain Has A Tax Plan To Create Jobs

by John B. Taylorvia Wall Street Journal
Tuesday, September 2, 2008

John McCain's tax policies are designed to create jobs, increase wages and allow all Americans -- especially those in the hard-pressed middle class -- to keep more of what they earn...

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