- Economics
- Monetary Policy
- Answering Challenges to Advanced Economies
Publication date: May 15, 2026
Few have had an impact on the world of economics and monetary policy equal to that of John B. Taylor. A professor of economics at Stanford University and fellow at its Hoover Institution, Taylor has made influential contributions in monetary policy, public service, and academia for five decades.
A Celebration Honoring John B. Taylor’s Contributions to Economics and Monetary Policy is based on a conference held May 8, 2025, at the Hoover Institution to honor Taylor’s life and career. Many of Taylor’s colleagues and students past and present, other monetary experts, and family and friends came together to pay tribute and share insightful anecdotes of his character and dedication.
Reflecting the conference proceedings, this volume shares the presentations and vivid discussions around Taylor’s role as a leading economist, from his development of the influential Taylor rule—an important tool of monetary policy—to his laudable public service in the US Treasury and on the Council of Economic Advisers under Presidents Ford, Carter, and George H. W. Bush.
Nineteen chapters from scholars and officials who were involved in Taylor’s career are introduced by opening remarks from Stanford University President Jonathan D. Levin and a letter from Federal Reserve Board Chair Jerome H. Powell, who states the Taylor rule “has become an international benchmark in the practical analysis of central banks’ interest rate policies.” Groups of essays and panel discussions follow, focusing on different aspects of Taylor’s career.
Taylor’s work has been highly influential in monetary policy circles as well as in academic publications. Its impact is enhanced by his deep policy engagement, whether through his late-1970s work on optimal policy, his role in the reconstruction of Iraq’s monetary and financial system, or his early commentary predicting the Global Financial Crisis.
This volume further captures how John’s influence extended through personal interactions with academic colleagues, central bankers, and policymakers around the world, and generations of students, creating a legacy that is sure to stand the test of time.
Contributors: Robert J. Barro, Michael D. Bordo, Michael J. Boskin, Lawrence J. Christiano, Richard H. Clarida, John H. Cochrane, John F. Cogan, Sebastián Edwards, Barry Eichengreen, Peter R. Fisher, Jonathan S. Hartley, Robert Hodrick, Robert G. King, Anne O. Krueger, Andrew T. Levin, Jonathan D. Levin, John Lipsky, Edward Nelson, David Papell, Monika Piazzesi, Jerome H. Powell, Valerie Ramey, Condoleezza Rice, Jennifer Salcman, John B. Taylor, Harald Uhlig
Preface
Michael D. Bordo and John H. Cochrane
Welcoming Remarks
Jonathan D. Levin
Letter to John B. Taylor
Jerome H. Powell
1. John Taylor’s Contributions to Economics and Monetary Policy
Michael D. Bordo, John H. Cochrane, and Jonathan S. Hartley
Macro Policy Models, Rational Expectations, and Overlapping Contracts
Introduction
Andrew T. Levin
2. In Appreciation of John Taylor
Robert J. Barro
3. John Taylor, Persistence, and Systematic Policy
Robert G. King
4. Standing on the Shoulders of a Giant: John B. Taylor
Harald Uhlig
General Discussion
Andrew T. Levin, Robert J. Barro, Robert G. King, Lee Ohanian, Sebastián Edwards, Michael J. Boskin, John H. Cochrane
The Taylor Rule in Macroeconomics
Introduction
David Papell
5. The Taylor Rule Is (Almost) Everywhere in Monetary Economics
Richard H. Clarida
6. The Taylor Rule
Monika Piazzesi
7. The Enduring Influence of John Taylor
Lawrence J. Christiano
8. The Taylor Rule in Macroeconomic Theory
John H. Cochrane
General Discussion
David Papell, Andrew T. Levin, Harald Uhlig, Laurence M. Ball, Krishna Guha, Richard H. Clarida, Monika Piazzesi, John H. Cochrane, Lawrence J. Christiano
International Monetary and Fiscal Policy and Central Bank Coordination
Introduction
John F. Cogan
9. John Taylor’s Influence on Fiscal and Other Economic Policies
Michael J. Boskin
10. John Taylor’s Contributions to Fiscal Policy Research
Valerie A. Ramey
11. On John Taylor’s Foundational Contributions to International Economics
Robert J. Hodrick
12. International Cooperation in the Age of Taylor: Collective Action Clauses and Exceptional Access Policy
Barry Eichengreen
General Discussion
David Papell, John A. Gunn, John F. Cogan
Introduction
Sebastián Edwards
13. John Taylor: Practical, Creative, and Trusted
Condoleezza Rice
14. Taylor’s Implementation of Policy Ideas
John Lipsky
15. John Taylor’s Years in Washington
Anne O. Krueger
16. John Taylor and the Dilemma of the Serious Public Servant
Peter R. Fisher
General Discussion
Shirley Cheng, Pamela Hawley, Sebastián Edwards, Christopher M. Meissner, Condoleezza Rice, John Lipsky, Anne O. Krueger, Peter R. Fisher
From Friedman to Taylor: The Revival of Monetary Policy Rules in the 1990s
Introduction
John H. Cochrane
17. From Friedman to Taylor: The Revival of Monetary Policy Rules in the 1990s
Edward Nelson
Closing Remarks
Condoleezza Rice
18. John Taylor’s Origin Story
Jennifer Taylor Salcman
19. Heartfelt Thanks
John B. Taylor
