John B. Taylor is a world-renowned economist known for his research on the foundations of modern monetary theory and policy and his experience in international economics. He has an active interest in public policy and has served at various senior levels in government.
A pioneer in developing new approaches to monetary policy, he proposed the Taylor Rule in 1993, which central banks have used since then to help determine interest rates. The Taylor Principle is widely credited with keeping economic performance stable for the past two decades: raise short-term interest rates to cool the economy when inflation or output become too high, lower rates when either falls too low.
He is co-author of Making Failure Feasible: How Bankruptcy Reform Can End Too Big To Fail, which challenges current US banking policy and proposes bold monetary reforms, including adding a new Chapter 14 to the U.S. Bankruptcy Code.
“A key component of regulatory reform is making banks resolvable. Making banks ‘safe to fail’ means that they can fail and be resolved at no cost to the taxpayers and without major disruption to the economy or financial markets.”
— Hoover Institution senior fellow John Taylor
John Taylor has held several senior positions in government.
For four years, he was Undersecretary of the Treasury for International Affairs during the first Bush administration. He has been a member of the President's Council of Economic Advisers and served as its senior economist. He was also a member of the Congressional Budget Office's Panel of Economic Advisers.
Taylor served as a member of the California Governor’s Council of Economic Advisors from 1996-98 and 2005-10.
John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution. He has served as the director of the Stanford Institute for Economic Policy Research (SIEPR) and was founding director of Stanford's Introductory Economics Center.
He has received several awards for his distinguished public service, most recently the Truman Medal for Economic Policy. The medal honors President Harry S. Truman for his role in creating the nation’s Council of Economic Advisers, which helps the president guide policy. John was also awarded the
2010 Bradley Prize
for outstanding achievement.
John is also author/editor of several other books including, Government Policies and the Delayed Economic Recovery, First Principles: Five Keys to Restoring America’s Prosperity (awarded the 2012 Hayek Prize) and Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. He has contributed to The Wall Street Journal, Forbes, Financial Times, and The New York Times, and he's been a frequent guest on CNBC, FOX Business News, Tavis Smiley and Bloomberg TV.
Public Service & Economic Policy
For four years from 2001 to 2005, Taylor served as Undersecretary of Treasury for International Affairs, where he was responsible for U.S. policies in international finance, including currency markets, trade in financial services, foreign investment, international debt and development, and oversight of the International Monetary Fund and the World Bank. He was also responsible for coordinating financial policy with the G-7 countries, was chair of the working party on international macroeconomics at the OECD, and was a member of the Board of the Overseas Private Investment Corporation. His book Global Financial Warriors: The Untold Story of International Finance in the Post-9/11 World chronicles his years as head of the international division at Treasury.
He served as senior economist on President Ford's and President Carter’s Council of Economic Advisers in 1976 and 1977 and as a member of President George H.W. Bush's Council of Economic Advisers from 1989 through 1991. He was a member of the Congressional Budget Office's Panel of Economic Advisers from 1995 to 2001 and a senior economic adviser to the Bob Dole presidential campaign in 1996, the George W. Bush presidential campaign in 2000 and the John McCain campaign in 2008. He was a member of Governor Schwarzenegger’s Council of Economic Advisers.
- Mary and Robert Raymond Professor of Economics, Stanford University
- Bowen H. and Janice Arthur McCoy Senior Fellow, Hoover Institution
- Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR)
- Director, Introductory Economics Center, 1997-2001
- Director, Stanford Institute for Economic Policy Research (SIEPR), 1994-97
- Director, Monetary Policy and Macroeconomic Program (SIEPR), 1992-2001
- Under Secretary for International Affairs, US Treasury, 2001-2005
- President's Council of Economic Advisers, 1989-1991
- President's Council of Economic Advisers, Senior Staff Economist, 1976-77
- Advisory Panel, Congressional Budget Office, 1995-2001
- Governor's Council of Economic Advisers (California), 1995-98, 2005-10
- Federal Reserve Bank of Philadelphia, Research Adviser, 1981-84
- Organization for Economics Cooperation and Development, Chair: Working Party on International Macroeconomics, 2003-2005
- Bank of Japan, Honorary Adviser (1994-2001); Visiting Scholar (1987)
- Bank of Finland, Visiting Scholar, 1986
- National Bureau of Economic Research
- Fellow, Econometrics Society
- Fellow, American Academy of Arts and Sciences
- Fellow, Guggenheim Foundation
- Ph.D. in Economics, Stanford University; A.B. in Economics, Summa Cum Laude, Princeton University
- 2016 Adam Smith Award
- 2016 Central Banking Award for Economics
- 2015 Truman Medal for Economic Policy
- 2012 Hayek Prize for First Principles
- 2010 Bradley Prize
- Adam Smith Award for contributions to economic research, National Association for Business Economics, 2007
- George P. Schultz Public Service Award, Stanford University, 2005
- Alexander Hamilton Award for leadership in international finance, US Treasury, 2005
- Distinguished Service Award, US Treasury, for design and implementation of financial reconstruction in Iraq, 2004
- Medal of the Oriental Republic of Uruguay, for design and implementation of financial measures to deal with the crisis of 2002
- Two teaching awards: Lilian and Thomas B. Rhodes Prize, Laurence and Naomi Carpenter Hoagland Prize, Stanford University
A venture capital investment firm:
John — Thank you for speaking at the risk conference.
It was good for the audience to hear that one of the most important lessons from your work at the Treasury was to form teams with a clear sense of mission. You said something inspirational: we don’t only need people to know and understand the mission, we need them to internalize it.
Your talk on Macroeconomic Perspectives also gave the audience a good understanding on the challenges that the current administration is facing. Policy uncertainty is critical in the current market environment.
A global trade association for OTC derivatives:
He was fantastic; our crowd really enjoyed his talk.