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 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

Clarifying Some Key Taylor Rule Calculations

by John B. Taylorvia Economics One (blog)
Friday, December 20, 2013

A blog by John B. Taylor

John B. Taylor

Taylor on Santelli Exchange: “When you have these very unusual policies . . . it does have these unintended consequences”

by John B. Taylorvia CNBC
Wednesday, December 18, 2013

Hoover senior fellow John B. Taylor discusses the economy on CNBC’s Santelli Exchange. Topics include quantitative easing, interest rates, and inflation.

John B. Taylor

Taylor on PBS Newshour: “hopefully the economy will be working a little better now”

by John B. Taylorvia PBS NewsHour
Wednesday, December 18, 2013

Hoover senior fellow John B. Taylor discusses the Fed’s decision to taper quantitative easing with David Wessel of the Wall Street Journal and Adam Posen of the Peterson Institute for International Economics on PBS Newshour. Topics include whether this decision is right, whether quantitative easing has helped the economy, the rationale behind the Fed’s decision, and the causes of the economic crisis.

Analysis and Commentary

How Will the History Books Remember Ben Bernanke?

by John B. Taylorvia Wall Street Journal
Tuesday, December 17, 2013
The following short essay was written for the Wall Street Journal as part of a symposium in 
which five economists were asked this same question. 
Hoover senior fellow John Taylor (right) and former Fed Chairman Alan Greenspan

Taylor on the Kudlow Report (Part I): “it’s time to get back as quickly as possible to normal policy”

by John B. Taylorvia Kudlow Report (CNBC)
Tuesday, December 10, 2013

Hoover senior fellow John Taylor discusses the Fed’s policies with Alan Greenspan, the former chairman of the Federal Reserve, on CNBC’s Kudlow Report. Topics include the Fed’s bond buying, the causes of the housing bubble, and the Taylor rule.

Hoover senior fellow John Taylor (right) and former Fed Chairman Alan Greenspan

Taylor on the Kudlow Report (Part 2): “many current economists . . . say that those rates were too low”

by John B. Taylorvia Kudlow Report (CNBC)
Tuesday, December 10, 2013

Hoover senior fellow John Taylor discusses the Fed’s policies with Alan Greenspan, the former chairman of the Federal Reserve, on CNBC’s Kudlow Report. Topics include mortgage markets and the effect of low interest rates on the bubble.

Analysis and Commentary

Response to an Email About QE and a Letter

by John B. Taylorvia Economics One
Thursday, December 5, 2013

Recently I received an email with this question about my views on quantitative easing and a letter I signed with others: “I have a question about the letter you signed back in 2010 asking the Fed n...

Analysis and Commentary

Two Amazing Charts

by John B. Taylorvia Economics One
Saturday, November 23, 2013

Research by Christopher Erceg and Andrew Levin is providing solid evidence that the decline in the labor force participation rate since 2007 has been due to cyclical factors--the recession and slow...

Analysis and Commentary

Krugman’s Slack

by John B. Taylorvia Economics One
Wednesday, November 20, 2013

In a piece yesterday, Paul Krugman disagrees with my assessment that there was more overheating than slack in the economy in the years leading up to the 2007-09 recession and financial crisis. That...

Analysis and Commentary

The Problem is Policy Not a Secular Decline in the Real Interest Rate

by John B. Taylorvia Economics One
Monday, November 18, 2013

Larry Summers’ recent talk on what ails the US economy  at the November 8 IMF conference is getting a lot of attention. I first heard Larry present his argument at the October 1 Brookings-Hoover co...

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