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 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 Feature Not A Bug In The Policy Rules Bill

by John B. Taylorvia Economics One
Tuesday, February 24, 2015

In his opening line of questions for Janet Yellen at the Senate Banking Committee today, Senator Richard Shelby asked about the use of monetary policy rules and the Taylor Rule, apparently referring to the recent policy rules bill (Section 2 of HR 5018) that would require the Fed to report its strategy or rule for policy.

Analysis and Commentary

A Review Of Recoveries In Contrast

by John B. Taylorvia Economics One
Sunday, February 15, 2015

I’ve been tracking the economic recovery with charts and commentaries on this blog since it began in 2009. The simplest but most revealing charts compared and contrasted this recovery with the recovery of the 1980s. Here’s an update of two of those charts.

Analysis and Commentary

It’s Not About Conspiracy Theorizing, It’s About Effectiveness

by John B. Taylorvia Economics One
Friday, February 13, 2015

Yesterday Paul Krugman took some pot shots at an op-ed that Paul Ryan and I wrote nearly five years ago—an op-ed that was critical of quantitative easing. Here’s why Krugman missed his mark and the QE critics are correct.

Analysis and Commentary

Paul Krugman Pontificating On Policy Rules

by John B. Taylorvia Economics One
Tuesday, February 3, 2015

In a recent blog post Paul Krugman talks a lot about policy rules and the Taylor rule in particular.

Sound Money, Sound Policy

by John B. Taylorvia Hoover Digest
Wednesday, January 28, 2015

These are the keys to restoring the Fed and our economy.

Analysis and Commentary

Reply To Alan Blinder Redux

by John B. Taylorvia Economics One
Wednesday, January 28, 2015

Alan Blinder has written another Wall Street Journal article criticizing legislation that would simply require the Fed to describe its rule or strategy for monetary policy.  As with his earlier article, Blinder still “shoots at a straw man of his own making, not at the proposed law itself” as I wrote in another John Taylor’s Reply to Alan Blinder for the Wall Street Journal.

Requirements for Policy Rules for the Fed

by John B. Taylorvia Economics Working Papers
Friday, December 19, 2014

Economics Working Paper WP14111

Analysis and Commentary

A New Fed Centennial Volume with a Twist

by John B. Taylorvia Economics One
Monday, December 1, 2014

As the two year centennial of the founding of the Fed in 1913-14 draws to a close this month, a new centennial volume, Frameworks for Central Banking in the Next Century, is being published as a special issue of the Journal of Economic Dynamics and Control.

Analysis and Commentary

The Taylor Curve Has Two Dimensions In Both Hemispheres

by John B. Taylorvia Economics One
Saturday, November 1, 2014

Springtime in the Southern Hemisphere is wonderful, and I have been having fun here for the past 10 days, keynoting at two great conferences, with one talk on central bank independence at the Central Bank of Chile and another talk on inflation targeting at the South African Reserve Bank.