John Taylor recognized for monetary policy research

Economist JOHN TAYLOR has been recognized with the 2016 Central Banking Award for Economics.

The award, given by Central Banking Publications, recognizes “the most significant contribution to economics within the field of central banking.”

The George P. Shultz Senior Fellow in Economics at the Hoover Institution, Taylor received the award for his paper “A Rules-Based Cooperatively-Managed International Monetary System for the Future.”

He presented that work at a fall conference marking the 30th anniversary of the 1985 Plaza Accord, which was an agreement between the governments of France, West Germany, Japan, the United States and the United Kingdom to depreciate the U.S. dollar in relation to the Japanese yen and German deutsche mark by intervening in currency markets.

In that paper, Taylor proposes a rules-based global equilibrium that “looks highly prescient” today, according to Central Banking Publications. “Taylor outlines proposals that do not require central banks to deviate from domestically optimal policy, and yet deliver a near-optimal outcome on the global level.”

“I am honored,” Taylor said. “Not only is it a pleasure to have Central Banking Publications recognize my work, but it is privilege to be recognized among a group of scholars for whom I have deep respect.”

THOMAS GILLIGAN, director of the Hoover Institution, said Taylor’s research continues to frame the monetary policy discussion. “We are proud of the value and prestige that John brings to the Hoover Institution.”

An award ceremony took place in London on March 3.