John B. Taylor

Mary and Robert Raymond Professor of Economics at Stanford University
George P. Shultz Senior Fellow in Economics at the Hoover Institution and Chair of
Working Group on Economic Policy

Contact Information   One-Page Bio   Curriculum Vitae   Photo   Other Pictures


Blog Economics One EconomicsOne.com

Twitter @EconomicsOne

 

Recent Books

Principles of Economics, Macroeconomics, and Microeconomics Version 8.0, 2017

Rules for International Monetary Stability, with Michael Bordo (Eds.), Hoover Institution Press, forthcoming 2017

Handbook of Macroeconomics Vols. 2A and 2B, Table of Contents, with Harald Uhlig (Eds.), Elsevier, forthcoming 2016

Policy Stability and Economic Growth: Lessons from the Great Recession, with commentaries by Andrew Haldane, Patrick Minford, and Amar Radia, The Institute of Economic Affairs, London, U.K., 2016

Central Bank Governance and Oversight Reform , with John Cochrane (Eds.), Hoover Institution Press, 2016

Making Failure Feasible: How Bankruptcy Reform Can End "Too Big To Fail", with Kenneth Scott and Thomas Jackson (Eds.), Hoover Institution Press, 2015

Inequality and Economic Policy: Essays in Memory of Gary Becker , with Tom Church and Chris Miller (Eds.), Hoover Institution Press, 2015

Frameworks for Central Banking in the Next Century, Special Issue of the Journal of Economic Dynamics and Control, with Michael Bordo and William Dupor (Eds.), Volume 49, December 2014, pp. 1-164

Across the Great Divide: New Perspectives on the Financial Crisis, with Martin Neil Baily (Eds.), Hoover Institution Press, Stanford, California, with the Brookings Institution, 2014

First Principles: Five Keys to Restoring America’s Prosperity, New Paperback Edition  (with new introduction), 2013, Hardcover or Kindle Edition, 2012

Bankruptcy Not Bailout: A Special Chapter 14, with Kenneth Scott (Eds.) Hoover Institution Press, 2012, Hardcover on Amazon or Kindle version

Government Policies and the Delayed Economic Recovery, with L. Ohanian and I. Wright, (Eds.), Hoover Institution Press, 2012, Hardcover on Amazon or  Kindle version 

Ending Government Bailouts as We Know Them, with Kenneth Scott and George Shultz (Eds.) 2010, Hardcover or Kindle or Download Chapters in PDF Formats

The Road Ahead for the Fed with John Ciorciari (Eds.) 2009 Hardcover or Kindle or Download Chapters in PDF Formats

Getting Off Track  How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis Kindle edition ($2.40), February 2009

GlobalFinancialWarriors.com The Untold Story of International Finance in the Post-9/11 World Paperback Edition, 2008

 

Interviews and Biographical

Economics in Central Banking Award, Centralbanking.com, March 2016

Interview on Monetary Policy, Boersen-Zeitung, October 20, 2016, with English translation

Interview on Lessons from the Financial Crisis, with Steve Cecchetti and Kim Schoenholtz, Money and Banking, November 23, 2015

Game Changers Interview, MONEY Magazine, August 2012

Interview on Research on Policy and the Response to the Crisis, Region Focus, Federal Reserve Bank of Richmond, First Quarter 2012, pp,29-33.

Interview on Economic Policy, Citadel Conversation, June 2012

Fiscal Follies, Monetary Mischief, Barron’s Interview with Gene Epstein, April 2012

Interview on Teaching Economics with Simon Bowmaker, in The Heart of Teaching Economics: Lessons from Leading Minds, 2011 

Bradley Prize Recipient 2010, YouTube of Award Ceremony at John F. Kennedy Center, Written version of acceptance remarks

One Economist’s Solution for Financial Reform and Government Policy and the Recovery, Interviews with Motley Fool, March 2010 

The Quest for Rules, Interview in Finance and Development, International Monetary Fund, March 2008 

Adam Smith Award, National Association of Business Economics, September 2007

NZZ Profile on Monetary Policy, Translation, Neue Zurcher Zeitung, Zurich, September 2007

Back to the World of Ideas Article about returning to research and teaching after Washington, February 2007

Interview on Global Imbalances and Monetary Policy Rules, Special Report, Citigroup Global Economic and Market Analysis, 2006

Interview on Monetary Research and Policy, From The Region, Federal Reserve Bank of Minneapolis, June 2006

Shorter Interview on Monetary Research and Policy, From Hoover Digest, Fall 2006, adapted from The Region

Profile on International Policy Making, From The Washington Diplomat, December 2005

Interview about Research in the 1990s, From Conversations with Leading Economists, 1999

Profile on Teaching, From Stanford Today, 1998

 

Books and Collections of Articles on Monetary Policy and International Finance

The Taylor Rule and the Transformation of Monetary Policy, Even Koenig, Robert Leeson, and George Kahn (Eds.), Stanford: Hoover Press, 2012

Contributions to Macroeconomics in Honor of John Taylor, Journal of Monetary Economics, Vol. 55, Pages S1-S126, October 2008.

Dallas Fed Conference on “John Taylor’s Contributions to Monetary Theory and Policy,” October 2007

Policies in International Finance 2001-2005: Speeches and testimony given as Treasury Under Secretary with short background pieces, 2005

Monetary Policy Rules Home Page

Conference Recognizing 10th Anniversary of the Taylor Rule (Nov 2002) Conference Volume, Journal of Monetary Economics Vol. 50, No. 5
Monetary Policy Rules, (Editor), University of Chicago Press, 1999

Macroeconomic Policy in a World Economy also available on line  WW Norton

Inflation, Unemployment, and Monetary Policy, (with Robert Solow), MIT Press

Handbook of Macroeconomics, (Editor with Michael Woodford)

 

Recent Papers

Rules Versus Discretion: Assessing the Debate Over the Conduct of Monetary Policy, Presented at the Federal Reserve Bank of Boston Conference on "Are Rules Made to be Broken? Discretion and Monetary Policy," October 13, 2017

Remarks on Monetary Rules for a Post-Crisis World, Journal of Macroeconomics, forthcoming

Alternatives for Reserve Balances and the Fed's Balance Sheet in the Future, Presented at the session on "The Balance Sheet" at the conference on "The Structural Foundations of Monetary Policy," Hoover Institution, May 4, 2017

Monetary Policy Making When Views Are Disparate, Dinner Remarks at the Annual Hoover Institution Monetary Policy Conference, May 4, 2017

An International Monetary System Built on Sound Policy Rules and Strategies,in Michael Bordo and John B. Taylor (Eds.), Rules for International Monetary Stability: Past, Present and Future, Hoover Institution Press, Stanford, 2017.

Independence and the Scope of the Central Bank's Mandate , Sveriges Riksbank Economic Review, 2016:3

A Monetary Policy for the Future, in Progress and Confusion: The State of Macroeconomic Policy, Olivier Blanchard, Raghuram Rajan, Kenneth Rogoff, and Lawrence H. Summers (Eds.), MIT Press, 2016 Working Paper

National and International Monetary Reform, in Blueprint for America, George P. Shultz (Ed.), Hoover Institution Press, Stanford, CA, 2016, pp. 59-70

Rethinking the International Monetary System, The Cato Journal, 36 (2), Spring/Summer 2016, pp. 239-250

The Role of the Chinese Economy in the World Economy: A U.S. Perspective , China Economic Review, Volume 40, 2016, pp. 281-285

A Rules-Based Cooperatively-Managed International Monetary System for the Future, in International Monetary Cooperation: Lessons from the Plaza Accord After Thirty Years, C.F. Bergsten and Russell Green (Eds.) Peterson Institute for International Economics: Washington, 2016, pp. 217-236.

The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics, Handbook of Macroeconomics, Volume 2, John B. Taylor and Harald Uhlig, (Eds), Elsevier Science, Amsterdam, 2016

Central Bank Models: Lessons from the Past and Ideas for the Future, Keynote Presentation at the Workshop "Central Bank Models: The Next Generation," Bank of Canada, November 17, 2016

Interest on Reserves and the Fed's Balance Sheet, The Cato Journal, Vol. 36 (3), Fall 2016, pp. 711-720

Finding the Equilibrium Real Interest Rate in a Fog of Policy Deviations, with Volker Wieland, Business Economics, 51 (3), July 2016, pp. 147-154

Slow Economic Growth as a Phase in a Policy Performance Cycle, Journal of Policy Modeling, 38 (4) pp. 649-655, 2016

Can We Restart The Recovery All Over Again?, American Economic Review, Papers and Proceedings, 106 (5) May 2016, pp. 48-51.

An International Monetary System Built on Sound Policy Rules, Keynote Address at the University of Crete, Rethymno, May 2016

The Federal Reserve in a Globalized World Economy, inThe Federal Reserve's Role in the Global Economy, Michael Bordo and Mark Wynne (Eds.), Cambridge University Press, March 2016.

 

Less Recent Papers

1968-2015

 

Recent Congressional Testimony

Testimony on the Financial Institution Bankruptcy Act, Testimony before the Subcommittee on Regulatory Reform, Commercial and Antitrust Laws, Committee on the Judiciary, U.S. House of Representatives, March 23, 2017

Sound Monetary Policy, Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services, U.S. House of Representatives, March 16, 2017

Unconventional Monetary Policy, Normalization, and Reform, Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services, U.S. House of Representatives, December 7, 2016

Interest on Reserves and the Fed's Balance Sheet, Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services, U.S. House of Representatives, May 17, 2016

The Greek Economic Crisis and Lessons Learned, Testimony before the Subcommittee on Europe and Regional Security Cooperation, Committee on Foreign Relations, U.S. Senate, July 29, 2015

How Bankruptcy Reform Can Address "Too Big to Fail", Testimony before the Subcommittee on Financial Institutions and Consumer Protection, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, July 29, 2015

Federal Reserve Reform Proposals, Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services, U.S. House of Representatives, July 22, 2015

Recent Trends in Federal Reserve Transparency and Accountability, Testimony Before The Oversight and Investigations Subcommittee, Committee on Financial Services, U.S. House of Representatives, July 14, 2015

The Economic Effects of a Fiscal Consolidation Strategy, Testimony before the Committee on the Budget, U.S. House of Representatives, June 17, 2015

IMF Reforms and Global Economic Stability, Testimony before the Committee on Financial Services, U.S. House of Representatives, June 17, 2015

Requirements for the Fed to Describe Its Strategy, Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 3, 2015

Less recent testimonies

 

Papers on the Long Boom and the Great Moderation

Monetary Policy and the Long Boom

Remarks on "Recent Changes in Trend and Cycle"

The Long Boom: Sosa, McGwire, and Greenspan (slides)

 

Op-Eds and Articles

Making the Rules and Breaking the Mould (Allan Meltzer: 1928-2017), Central Banking, June 19, 2017

Policy Is the Problem, Finance and Development, March 2017

The Case for a Rules-Based Fed, Wall Street Journal, December 20, 2016

Monetarist Tools Have Failed to Lift Economies, (joint letter with John Eatwell), Financial Times, September 20, 2016

Statement on the Financial CHOICE Act, (joint with other economists), June 21, 2016

A New Tool for Avoiding Big-Bank Failures: 'Chapter 14', (with Emily Kapur), Wall Street Journal, March 11, 2016

Statement on Policy Rules Legislation, (joint with other economists), February 9, 2016

The Lessons Greece's Lenders Forgot, Wall Street Journal, July 9, 2015

Understanding Greece's Woes: Questions and Answers with Clifton Parker, Stanford Report, July 6, 2015

Taylor on Bernanke: Monetary Rules Work Better Than 'Constrained Discretion', Wall Street Journal, May 2, 2015

A Recovery Waiting to Be Liberated, Wall Street Journal, March 4, 2015

Less recent op-eds and articles

 

Videos of Interviews and Talks

Discussion of Rules for International Monetary Stability with Bordo, Clarida, Schenk, Taylor, Hoover Institution, April 21, 2017 (1:29:36)

Stanford's Taylor Says Good Chance Tax Reform Will Happen Bloomberg, March 27, 2017

Video interview with Beat Siegenthaler UBS Knowledge Network, January 26, 2017

Economic Issues Facing New President AEA Panel with Furman, Hubbard, Krueger, & Taylor, January 7, 2017 (at 1:04:35)

Studying Trumponomics Fox Business, December 19, 2016

The Fed 'getting back to normal' CNBC Squawk Box, December 6, 2016

Makes Sense for Fed to Hike in December Bloomberg, November 29, 2016

The Election and Economic Policy CNBC Squawk Box, November 9, 2016, 5:45 AM

Keynote Address Mercatus-CMFA Academic Conference on "Monetary Rules for a Post-Crisis World," September 7, 2016

It's About Time Fed Moves Rates Higher CNBC Squawk Box, September 20, 2016

John Taylor on Fed Policy, Taylor Rule Bloomberg Markets, August 26, 2016

U.S. Stock Markets Absorbing Brexit Shock Fox Business Network's The Intelligence Report, June 30, 2016

Don't Expect Brexit Armageddon CNBC Squawk on the Street, June 23, 2016

Why the Fed Failed Wall Street Journal's Opinion Journal, June 16, 2016

Santelli Exchange: John Taylor on negative rates CNBC Squawk on the Street, June 16, 2016

Does Capitalism Need Saving? Milken Institute Global Conference, May 3rd, 2016

John Taylor Offers Way Out of Downward Interest Rate Spiral Central Banking, April, 2016

Bank of America/Merrill Lynch Walter E. Hoadley Annual Economic Forecast The Commonwealth Club of California, January 29, 2016

Less recent videos of interviews and talks

 

Podcasts

Too Much Talk Can Lower Transparency, Taylor Says December 16, 2016, Surveillance, Bloomberg Radio (41:52).

John Taylor on the John Batchelor Show December 13, 2016, John Batchelor Show(19:01).

Taylor on Bloomberg Surveillance August 29, 2016, Surveillance, Bloomberg Radio (43:42).

Bank of America/Merrill Lynch Walter E. Hoadley Annual Economic Forecast January 29, 2016, The Commonwealth Club of California

Taylor on Bloomberg Surveillance October 7, 2015, Surveillance, Bloomberg Radio (24:01).

Taylor on Hays Advantage March 19, 2015, Hays Advantage, Bloomberg Radio.

John Taylor on the John Batchelor Show March 10, 2015 John Bachelor Show.

Taylor on the Hugh Hewitt Show March 4, 2015, Hugh Hewitt, Radio Show.

Less recent podcasts

 

Economics Teaching

Monetary Theory and Policy Lecture Slides and Syllabus for Stanford Ph.D. course, Spring 2013

Lessons From the Financial Crisis for Teaching Economics, Slide Presentation for AEA Conference on Teaching. June 2011

Economics 1A  Debt Charts from Lecture 2, S&P 500 Box, Adam Smith on the Woolen Coat; Smith Bio, The Role of Private Organizations, Rose Friedman, McKinnon on China, Lehman Weekend, JPMorgan-Money Multiplier, Monetary Imbalance Table-GDW, Phelps On Tunisia, Shultz on Steady as You Go, Requirements for Policy Rules for the FOMC

Caps for Sale: The Economic Side of the Story Stanford Economics Graduation, June 2008

Remarks at Stanford Economics Graduation Ceremony 1999

Economics 169, Spring 2008

Economics 212, Spring 2008

Ideas for the Economics Lecture Innovative Techniques for Teaching Economics

Surprise Side Economics: Ideas for Introductory Economics

Teaching Modern Macroeconomics at the Principles Level

 

Earlier Editions of Textbooks

Economics, Second Edition, Houghton Mifflin

Economics, Third Edition, Houghton Mifflin

Economics, Fourth Edition, Houghton Mifflin

Economics, Fifth Edition, Houghton Mifflin

Economics, Sixth Edition, Houghton Mifflin

Principles of Microeconomics, Second Edition, Houghton Mifflin

Principles of Microeconomics, Third Edition, Houghton Mifflin

Principles of Microeconomics, Fourth Edition, Houghton Mifflin

Principles of Microeconomics, Fifth Edition, Houghton Mifflin

Principles of Microeconomics, Sixth Edition, Houghton Mifflin

Principles of Macroeconomics, Second Edition, Houghton Mifflin

Principles of Macroeconomics, Third Edition, Houghton Mifflin

Principles of Macroeconomics, Fourth Edition, Houghton Mifflin

Principles of Macroeconomics, Fifth Edition, Houghton Mifflin

Principles of Macroeconomics, Sixth Edition, Houghton Mifflin

Principles of Economics, Macroeconomics, and Microeconomics Seventh Edition, South-Western, Cengage Learning

Macroeconomics , Principles Text for Australian Economy with Bruce Littleboy, Third Edition, John Wiley

Microeconomics, Principles Text for Australian Economy with Lionel Frost), Third Edition, John Wiley

Handbook of Macroeconomics, (Editor with Michael Woodford)

Macroeconomics Intermediate Text with Robert E. Hall and David Papell, Sixth Edition, WW