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

A Perfect Storm or It's Not My Fault?

by John B. Taylor with George P. Shultzvia Economics One (blog)
Saturday, December 12, 2009

This past week we held a conference on Ending Government Bailouts As We Know Them. . . .

Analysis and Commentary

Monetary Policy and the Wisdom of Wayne Gretzky

by John B. Taylorvia Economics One (blog)
Sunday, December 6, 2009

For years I compared it to flying a fighter jet where you have to anticipate the actions of the other pilots, and if you get it wrong you crash and burn in a great depression or a great inflation. . . .

Analysis and Commentary

Be Thankful But Study What Happened

by John B. Taylorvia Economics One (blog)
Wednesday, November 25, 2009

With the consumption data released today--the day before Thanksgiving--we are reminded to give thanks that retail sales are at least growing not declining sharply as they were a year ago. . . .

Analysis and Commentary

Economic Freedom and Rose Friedman

by John B. Taylor with George P. Shultzvia Economics One (blog)
Tuesday, November 24, 2009

We are hearing a lot these days about the disadvantages of free markets and the need for a greatly expanded role of government in the economy. . . .

Analysis and Commentary

New Evidence of Government Induced Risk

by John B. Taylorvia Economics One (blog)
Sunday, November 22, 2009

A good way to assess this impact on risks is to look at the spread between interest rates on subordinated debt and senior debt at Fannie or Freddie. . . .

Analysis and Commentary

This week was monetary policy week in Economics 1 at Stanford.

by John B. Taylorvia Economics One (blog)
Friday, November 20, 2009

This week was monetary policy week in Economics 1 at Stanford. . . .

The Road Ahead for the Fed

The Road Ahead for the Fed

by George P. Shultz, Allan H. Meltzer, Peter R. Fisher, Donald L. Kohn, James D. Hamilton, John B. Taylor, Myron S. Scholes, Darrell Duffie, Andrew Crockett, Michael J. Halloran, Richard J. Herring, John D. Ciorciarivia Hoover Press
Tuesday, November 17, 2009

The Federal Reserve is the single most important economic policy institution in the United States. Its recent unprecedented actions and interventions have raised serious concerns in many quarters about inflation, as well as the independence and effectiveness of the Fed.

Analysis and Commentary

The Road Ahead for the Fed

by John B. Taylor with George P. Shultzvia Economics One (blog)
Friday, November 13, 2009

Stories this week in the Wall Street Journal, the New York Times and the Washington Post focus on how Senator Chris Dodd's new financial reform bill threatens the independence of the Federal Reserve. . . .

Analysis and Commentary

Jobs Saved: PR or Fact?

by John B. Taylorvia Economics One (blog)
Friday, November 6, 2009

While the unemployment rate continues to rise--to 10.2 percent in October--the debate over the "jobs saved" concept also continues, most recently on last Sunday's Meet the Press with host David Gregory asking Treasury Secretary Timothy Geithner whether the concept is PR or Fact. . . .

Analysis and Commentary

Government Failure versus Market Failure

by John B. Taylorvia Economics One (blog)
Tuesday, November 3, 2009

My Forbes magazine column this week reviews the latest empirical evidence on why government actions and interventions--government failure rather than market failure--should be at the top of the list of what went wrong in the recent financial crisis...