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

Getting Off Track

by John B. Taylorvia Hoover Digest
Wednesday, July 1, 2009

How the government created and prolonged the financial crisis. By John B. Taylor.

John B. Taylor

A Wake-up Call for Washington

by John B. Taylorvia Defining Ideas
Tuesday, May 26, 2009

Under President Barack Obama’s budget plan, the federal debt is exploding. To be precise, it is rising—and will continue to rise—much faster than gross domestic product, a measure of America’s ability to service the debt.

Analysis and Commentary

Exploding debt threatens America

by John B. Taylorvia Financial Times
Tuesday, May 26, 2009

Standard and Poor’s decision to downgrade its outlook for British sovereign debt from “stable” to “negative” should be a wake-up call for the US Congress and administration...

John F. Cogan

New Keynesian versus Old Keynesian

by John F. Cogan, Tobias Cwik, John B. Taylor, Volker Wielandvia Defining Ideas
Thursday, May 21, 2009

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. We find that the models currently being used to evaluate fiscal policy stimulus proposals are weak.

Systemic Risk and the Role of Government

featuring John B. Taylorvia Analysis
Tuesday, May 12, 2009
Dinner Keynote Speech 
Conference on Financial Innovation and Crises 
Federal Reserve Bank of Atlanta 
Jekyll Island, Georgia 
Taylor Figure 1. Rebates Failed to Jump-Start Consumption

Permanent Tax Cuts: The Best Stimulus

by John B. Taylorvia Hoover Digest
Monday, April 20, 2009

Rebates come and go. Only pervasive, predictable measures can truly stimulate economic growth.By John B. Taylor.

Analysis and Commentary

The Art of Persuasion at the G-20 Summit

by John B. Taylor, Josef Joffevia New York Times
Wednesday, April 1, 2009

President Barack Obama has tried to reduce the perception of a rift between the United States and member nations of the Group of 20 over how to revive the global economy...

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...

Monetary Policy and the Recent Extraordinary Measures Taken by the Federal Reserve

featuring John B. Taylorvia Committee on Financial Services, U.S. House of Representatives
Thursday, February 26, 2009
Testimony before the Committee on Financial Services 
U.S. House of Representatives