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 9.0, 2020, with Akila Weerapana

Choose Economic Freedom: Enduring Policy Lessons from the 1970s and 1980s, with George Shultz (Eds.), Hoover Institution Press, Stanford, CA, 2020

Strategies for Monetary Policy, with John Cochrane (Eds.), Hoover Institution Press, 2020

Reform of the International Monetary System: Why and How, MIT Press, 2019, based on Brunner lecture at SNB

Currencies, Capital, and Central Bank Balances, with John Cochrane and Kyle Palermo (Eds.), Hoover Institution Press, Stanford, CA, 2019

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

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

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

Atlas Club Briefing, Atlas Network, interview with Roberto Salinas-Leon, Liberty Forum and Dinner, November 12, 2020

Economic Policy Challenges for the Next President UCLA Economics, October 27, 2020

Dallas Fed Global Perspectives, an interview by Robert Kaplan, Oct 22, 2020

The ECB's Monetary Policy Strategy: Lessons From the Financial Crisis, Debt Crisis and Double Recession, The ECB and Its Watchers XXI, Panel with Otmar Issing and Petra Geraats, September 30, 2020

The Role of Rules-Based Monetary Policy in the Face of Increasing Deficits and Debt , BB&T Global Capitalism Lecture, University of North Carolina, Wilmington, October 21, 2019

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, Speech at the 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, About returning to research and teaching after Washington, Stanford Magazine, January/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

From the Past to the Future: Ideas and Actions for a Free Society, The Mont Pelerin Society, John B. Taylor (Ed.), 2020

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, Forward ,Vol. 55, pp. 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

The Optimal Reentry to a Monetary Policy Strategy, presented at the Graduate Center, City University of New York, April 13, 2021

The Euro in Perspective, Chapter 11 of The Liberal Heart of Europe - Essays in Memory of Alberto Giovannini, 2021, forthcoming

Reflections on Monetary Policy and Its Future, with Jeb Hensarling and Phil Gramm, Cato Journal, Vol. 41, No. 2, Spring/Summer 2021, pp. 1-12

Policy Anticipation Effects in New Keynesian Models, with Vadym Lepetyuk, Lilia Maliar, and Serguei Maliar, Hoover Economics Working Paper 21106, March 15, 2021

The Legacy of Paul Volcker, with Sheila Bair and Donald Kohn, Business Economics, pp. 20-28, Vol. 56, January 2021

Simple Monetary Rules: Many Strengths and Few Weakenesses, European Journal of Law and Economics, January 12, 2021

Removing New Obstacles to Free Trade, Great Decisions "America in the World", 2020

A Tractable Framework for Analyzing a Class of Nonstationary Markov Models, with Lilia Maliar, Serguei Maliar, and Inna Tsener, Quantitative Economics, Volume 11, Issue 4, November 2020, pp. 1289-1323

The ECB's Monetary Policy Strategy Going Forward, Debate 3, The ECB's Monetary Policy Strategy, The ECB and Its Watchers XXI Conference, September 30, 2020. pp. 83-88, Q&A pp. 89-93

A Pro-Growth Fiscal Consolidation Plan for the United States, with John Cogan and Daniel Heil, Hoover Economics Working Paper 20114, July 9, 2020

Preface, to Strategies for Monetary Policy, with John Cochrane (Eds.), Hoover Institution Press, 2020

Evaluating Rules in the Fed's Report and Measuring Discretion, Strategies for Monetary Policy, with John Cochrane (Eds.), Hoover Institution Press, 2020

Capital Flows, the IMF's Institutional View, and An Alternative, Currencies, Capital, and Central Bank Balances, John Cochrane, Kyle Palermo, and John B. Taylor (Eds.), Hoover Institution Press, 2019

Strengthening the Rules-Based International Monetary System, Revitalizing the Spirit of Bretton Woods, @75 Compendium 2019, pp. 170-176

Comments on "The Fed's Current Framework for Monetary Policy by Eberly, Stock and Wright", Conference on Monetary Policy Strategy, Tools, and Communication Practices (A Fed Listens Event), Federal Reserve Bank of Chicago, slides only, June 4, 2019

Removing Obstacles on the Path to Economic Freedom, Dinner speech at Mont Pelerin Society, May 22, 2019

Monetary Policy Rules for Efficiency and Liberty, Dallas-Fort Worth Mont Pelerin Society Meeting, May 20, 2019

Inflation Targeting in High Inflation Emerging Economies: Lessons About Rules and Instruments, Journal of Applied Economics, 22 (1), 2019, pp. 102-115.

Less Recent Papers

1968-2018

 

Recent Congressional Testimony

The Economic Costs of Rapidly Growing Federal Government Debt, Testimony before the Committee on the Budget, U.S. House of Representatives, Nov 20, 2019

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

America's Excessive Government Spending Must Stop, Project Syndicate, with George P. Shultz and John F. Cogan, February 23, 2021

What George Shultz Taught Us About Making Policy, Wall Street Journal, with John F. Cogan, February 10, 2021

Those $2,000 Checks Won't Boost the Economy, Wall Street Journal, with John F. Cogan, January 15, 2021

A Stampede from Silicon Valley, Project Syndicate, December 28, 2020

A Monetary Mind at the Treasury, Project Syndicate, December 4, 2020

Who's Afraid of Rules-Based Monetary Policy?, Project Syndicate, October 16, 2020

Trump's Economic Dream Come True, with John F. Cogan, Wall Street Journal, October 6, 2020, with follow up The Importance of Economic Policy in the 2020 Election

Obstacles To Free-Market Capitalism That Help Make Way For Socialism, Hoover Human Prosperity Project, September, 2020

Choose Economic Freedom, Hoover Digest, Fall, 2020, No, 4, pp 65-69

In-Person and Online Learning Go Together, with Jack Mallery, SIEPR Policy Brief, August, 2020

School Choice Is the Only Option, Project Syndicate, August 3, 2020

A Payroll Tax Holiday Will Get Americans Back to Work, Scott Minerd with contributions by John Taylor, Financial Times, July 26, 2020

Broadband for All, with Jack Mallery, Project Syndicate, June 29, 2020

The Real Economic Opening We Need, Project Syndicate, May 29, 2020

Lessons from Crises Past, with George Shultz and Michael Boskin, Project Syndicate, April 8, 2020

Toward a Coherent Economic Strategy for COVID-19, Project Syndicate, March 26, 2020

Some Thoughts on the Business Roundtable's Statement of Corporate Purpose, with John Cogan, George Shultz and Michael Boskin, Real Clear Markets , February, 2020

The New-Old Threat to Economic Freedom, Project Syndicate, February, 2020

Restoring Fiscal Order in the United States, Project Syndicate, January, 2020

Economic Instruments And National Security Goals, Strategica , Issue 61, December 20, 2019

Paul Volcker Was Inflation's Worst Enemy, Wall Street Journal, December 9, 2019

The new IMF head should not be dictated by the tired, old, EU order, Financial Times, August 11, 2019

How to Improve Education, Housing, with Lee Ohanian, San Francisco Chronicle, February 5, 2019

Less recent op-eds and articles

 

Videos of Interviews and Talks

John Taylor on The Close Digital Full Show Bloomberg Markets: The Close, February 26, 2021 (1:04:13-1:13:27)

What to Expect from Janet Yellen's Economic Policy Fox Business After the Bell, January 18, 2021

The Silicon Valley Exodus Bloomberg Markets, Interview with Romaine Bostick and Taylor Riggs, December 29, 2020

Fed Guidance, Cryptocurrencies and Fiscal Policy Bloomberg Markets , December 17, 2020

Tsars, Trade, and T-Cells, an interview by Misha Auslin with along with Michael McFaul and Lucy Shapiro, December 10, 2020

Opening Remarks and Conversation on Monetary Policy Cato's 38th Annual Monetary Conference, Panel with Jeb Hensarling and Phil Gramm, November 19, 2020

The Fiscal-Monetary Policy Nexus Discussant for a webinar by Ricardo Reis, Bank for International Settlements, November 18, 2020

National Security and Fiscal Policy Foreign Policy Association, Peter G. Peterson Distinguished Lecture, October 14, 2020

The Legacy of Paul A. Volcker and Implications for Today's Policymakers, NABE webinar, Panel with Sheila Bair and Donald Kohn, October 6, 2020

The Case for Economic Freedom, an interview by Russell Roberts along with George Shultz, Sept 3, 2020

The Black Swan Economy: A Virtual Conversation, with Jonathan Coslet and Mark Duggan, Stanford Institute for Policy Research, June 8, 2020

COVID-19 and Reopening the Economy, with Scott Atlas, Hoover Virtual Policy Briefing, May 5, 2020

COVID-19 and the Economy Hoover Virtual Policy Briefing, April 7, 2020

Economics and Coronavirus 1st of new Uncommon Knowledge series with Peter Robinson, March 27, 2020

Choose Economic Freedom, Choose Things That Work, with Rick Santelli, Squawk on the Street, March 19, 2020

The Fed and Coronavirus CNBC Squawk Box, March 17, 2020

It's More Important Than Ever for Fed to Clarify Strategy, John Taylor Says Bloomberg TV, March 13, 2020

The Fed and the Coronavirus CNBC Squawk Box, March 6, 2020

Wild Swings in Futures CNBC Squawk Box, (with Peter Fisher) March 3, 2020

Hoover Panel on Socialism and Capitalism, with Ed Lazear, Scott Atlas, Eryn Witcher-Tillman, Niall Ferguson, Peter Berkowitz, from 33:33 to 40:36. Hoover in Washington, February 25, 2020

Strong Economy/Weak Outlook: The Paradox of Today's Economy, with Manfred Keil, Claremont McKenna College, Athenaeum Talk, October 15, 2019

Santelli Exchange: Rules-based Fed Policy CNBC, August 21, 2019

Santelli Exchange: John Taylor on Capital Flows CNBC Squawk on the Street, May 17, 2019

Hoover Institution's John Taylor on the Fed and the U.S. Economcy CNBC Squawk Box, May 3rd, 2019

Fed's 2 Percent Inflation Target is 'Fine,' John Taylor Says Bloomberg Markets, May 3rd, 2019

Santelli Exchange: John Taylor on the Fed CNBC Squawk on the Street, March 19, 2019

The Fed Must Pay Attention to the State of the Economy, January 28, 2019

John Taylor sees 'Pretty Strong Economy' as 'Promising' Bloomberg Markets, January 15, 2019

Less recent videos of interviews and talks

 

Podcasts

Rebuilding of the U.S. Economy in the Post-Pandemic Era, January 13, 2021, tbs eFM This Morning

Monetary Policy Rules with Cartoons of Greenspan, Volcker and Taylor, November 2019, Policy Ed.

The Danger of Regulatory Capture October 11, 2018, Policy Ed.

Too Much Talk Can Lower Transparency, Taylor Says December 16, 2016, Surveillance, Bloomberg Radio (29:15).

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

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

Macroeconomics: Principles and Practice, Text for Australian Economy with Bruce Littleboy, Edition 2, John Wiley

Microeconomics: Principles and Practice, Text for Australian Economy with Bruce Littleboy, Edition 2, John Wiley

Handbook of Macroeconomics , (Editor with Harald Uhlig)

Handbook of Macroeconomics, (Editor with Michael Woodford)

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