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Rules for International Monetary Stability: Past, Present, and Future by Michael D. Bordo (Editor), John B. Taylor (Editor)

Rules for International Monetary Stability

via Books by Hoover Fellows
Monday, April 10, 2017

The perceived negative consequences of spillovers from the actions of central banks around the world have led to increasing calls for international monetary policy coordination. Rules for International Monetary Stability reports on the results of a Hoover Institution conference that brought together academics, financial experts, and policy makers to focus on the need for a classic rules-based reform of the international monetary system. 

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Central Bank Governance And Oversight Reform

via Books by Hoover Fellows
Wednesday, May 4, 2016

Edited by John Cochrane and John Taylor. A group of distinguished scholars and policy makers discuss key questions about Federal Reserve decision making, oversight, and governance, both internal and external.

The Habit Habit

by John H. Cochrane via Economics Working Papers
Sunday, March 27, 2016

Economics Working Paper WP16105


A New Tool For Avoiding Big-Bank Failures: ‘Chapter 14’

by Emily C. Kapur, John B. Taylorvia Wall Street Journal
Thursday, March 10, 2016

Bernie Sanders is right, Dodd-Frank doesn’t work, but his solution is wrong. Here’s what would work.



The Working Group on Economic Policy brings together experts on economic and financial policy at the Hoover Institution to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals. Read more...


Archive of Working Papers on Economic Policy

Speeches and Testimony

John B. Taylor



George P. Shultz Senior Fellow in Economics
Wohlford Family Senior Fellow
Rose-Marie and Jack Anderson Senior Fellow
Leonard and Shirley Ely Senior Fellow
Senior Fellow
Senior Research Fellow
Buzz and Barbara McCoy Senior Fellow
Thomas W. and Susan B. Ford Distinguished Fellow

Policy Seminar with Darrell Duffie

Monday, November 6, 2017
Annenberg Conference Room, Lou Henry Hoover Building

Darrell Duffie, Dean Witter Distinguished Professor of Finance at the Stanford Graduate School of Business, presented “Bank Debt Overhang and Financial Market Liquidity” based on an upcoming book and a series of lectures he gave at the Bank of Italy. 


Policy Seminar with Lee Lockwood

Tuesday, October 31, 2017
Annenberg Conference Room, Lou Henry Hoover Building

Lee Lockwood, assistant professor of economics at the University of Virginia, faculty research fellow at the National Bureau of Economic Research (NBER), and Hoover Institution National Fellow for 2017-18, presented “Targeting with In-kind Transfers: Evidence from Medicaid Home Care.” 


Policy Seminar with Lord Mervyn King

Thursday, October 12, 2017
Lou Henry Hoover Building Conference Room 115

Mervyn King, Lord King of Lothbury, Professor of Economics and Law at New York University Stern School of Business and School of Law, and former Governor of the Bank of England (2003 to 2013), gave a talk on “Brexit—An Update: Political Uncertainty and the Lessons for Economic Policy.” 


Policy Seminar with Robert Kaplan

Tuesday, October 10, 2017
George Shultz Conference Room, Herbert Hoover Memorial Building

Robert Kaplan, President and CEO of the Federal Reserve Bank of Dallas, discussed “Current Economic Conditions and the Impacts of Monetary Policy.” 


Policy Seminar with David Mulford

Tuesday, October 3, 2017
Annenberg Conference Room, Lou Henry Hoover Building
David Mulford, distinguished visiting fellow at the Hoover Institution, former vice chairman of Credit Suisse and former U.S. Ambassador to India, kicked off the fall policy workshop with a talk about India. The talk was informed by his time as ambassador there and also covered ideas from a paper he circulated, “Thinking Big on US-India Relations.”

Policy Seminar with Agustín Carstens

Monday, August 14, 2017
Stauffer Auditorium, Herbert Hoover Memorial Building

Roundtable discussion with Agustín Carstens, former Governor of the Central Bank of Mexico and former Finance Minister of Mexico, now Managing Director of the Bank for International Settlements. He discussed policy ideas and proposals to improve the international financial system, including monetary, regulatory, and governance issues.


Policy Seminar with Raghuram Rajan

Tuesday, June 20, 2017
Annenberg Conference Room, Lou Henry Hoover Building

Raghuram Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth, former Governor of the Reserve Bank of India, and former Chief Economist and Director of Research at the International Monetary Fund, discussed “What Explains the Rise of Populist Nationalism? Some Speculative Thoughts.”


Policy Seminar with Stephen Haber

Wednesday, May 24, 2017
Annenberg Conference Room, Lou Henry Hoover Building

Stephen Haber, Peter and Helen Bing Senior Fellow at the Hoover Institution and the A.A. and Jeanne Welch Milligan Professor in the School of Humanities and Sciences at Stanford University, discussed “The Ecological Origins of Economic and Political Systems.”


Debate On Monetary Policy And Interest Rates

Tuesday, May 16, 2017
Landau Economic Building, Stanford University

On May 6 the Hoover Institution and the Stanford Institute for Economic Policy Research (SIEPR) held a debate on one of the biggest question for monetary policy and financial markets today: Whether the interest rate set by the Fed and other central banks has drifted to a new low level and whether it will stay there for years to come. If there has been a shift some argue that the Fed should be prepared for new bouts of unconventional monetary policy and perhaps even raise its target for inflation. If not then monetary policy can return to the assumptions that existed before the global financial crisis. 


Policy Seminar with Paul Gregory

Tuesday, May 16, 2017
Annenberg Conference Room, Lou Henry Hoover Building

Paul Gregory, Hoover visiting fellow, endowed professor in the Department of Economics at the University of Houston, Texas, and research professor at the German Institute for Economic Research in Berlin, discussed “Russia’s Double Dip Recession.”



The Working Group on Economic Policy brings together experts on economic and financial policy at the Hoover Institution to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.


Working Group Meeting - March 9, 2018
Working Group Meeting - March 9, 2018

For twenty-five years starting in the early 1980s, the United States economy experienced an unprecedented economic boom. Economic expansions were stronger and longer than in the past. Recessions were shorter, shallower, and less frequent. GDP doubled and household net worth increased by 250 percent in real terms. Forty-seven million jobs were created.

This quarter-century boom strengthened as its length increased. Productivity growth surged by one full percentage point per year in the United States, creating an additional $9 trillion of goods and services that would never have existed. And the long boom went global with emerging market countries from Asia to Latin America to Africa experiencing the enormous improvements in both economic growth and economic stability.

Economic policies that place greater reliance on the principles of free markets, price stability, and flexibility have been the key to these successes. Recently, however, several powerful new economic forces have begun to change the economic landscape, and these principles are being challenged with far reaching implications for U.S. economic policy, both domestic and international. A financial crisis flared up in 2007 and turned into a severe panic in 2008 leading to the Great Recession. How we interpret and react to these forces—and in particular whether proven policy principles prevail going forward—will determine whether strong economic growth and stability returns and again continues to spread and improve more people’s lives or whether the economy stalls and stagnates.

Our Working Group organizes seminars and conferences, prepares policy papers and other publications, and serves as a resource for policymakers and interested members of the public.

Working Group Meeting - April 9, 2008
Working Group Meeting - April 9, 2008



For general questions about the Working Group, please contact John Taylor or his assistant Marie-Christine Slakey at (650) 723-9677. For media inquiries, please contact our office of public affairs.