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

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 Press, 2012, Hardcover on Amazon or Kindle version

Government Policies and the Delayed Economic Recovery, with L. Ohanian and I. Wright, (Eds.), Hoover 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

Principles of Economics, Macroeconomics, and Microeconomics: Seventh Edition introductory economics text, 2012 Kindle version

 

Interviews and Biographical

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

International Monetary Policy Coordination: Past, Present and Furture, Prepared for the 12th BIS Conference, June 21, 2013

Simple Rules for Financial Stability, Dinner Keynote Address at the Financial Markets Conference, Federal Reserve Bank of Atlanta, Stone Mountain, Georgia, April 9, 2013

Remarks on Monetary Policy Challenges, Bank of England Conference on “Challenges to Central Banks in the 21st Century” in Honor of Mervyn King, March 26, 2013

International Monetary Coordination and the Great Deviation, Journal of Policy Modeling, March 2013, Wkg Paper, presented at the AEA Annual Meetings, January 5, 2013

The Effectiveness of Central Bank Independence Versus Policy Rules, presented at AEA Annual Meetings, January 4, 2013

Monetary Policy During the Past 30 Years With Lessons for the Next 30 Years, Presented at Cato Institute’s 30th Annual Monetary Conference on Money, Markets and Government: The Next 30 Years, November 15, 2012

Questions about Recent Monetary Policy, Presented at the Centennial Celebration of Milton Friedman and the Power of Ideas, University of Chicago, November 9, 2012

Fiscal Consolidation Strategy, with John F. Cogan, Volker Wieland, and Maik Wolters, Journal of Economic Dynamics and Control, February 2013 (Sept 21, 2012 version posted)

Monetary Policy Rules Work and Discretion Doesn’t: A Tale of Two Eras, Journal of Money Credit and Banking, September 2012

Surprising Comparative Properties of Monetary Models: Results from a New Monetary Model Database with Volker Wieland, Review of Economics and Statistics, August 2012

Estimated Impact of the Federal Reserve’s  Mortgage-Backed Securities Purchase Program with Johannes C. Stroebel, International Journal of Central Banking June 2012

Commentary on Capital Flows and the Risk-Taking Channel of Monetary Policy, Discussion at BIS conference, June 2012

Why We Still Need To Read Hayek, The Hayek Prize Lecture (with introduction by Paul Gigot), May 31, 2012

A Comparison of Government Regulation of Risk  in the Financial Services and Nuclear Power Industries with F.A. Wolak, The Nuclear Enterprise, S. Drell and G. Shultz (Eds.) Hoover Press, Stanford, 2012

Towards an Exit Strategy: Discretion or Rules? Published in English and Italian with introduction by Alberto Mingardi and Andrea Battista, 2012, e-book on Kindle

Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation, (with Andrew Levin), in Michael Bordo and Athanasios Orphanides. (Eds.) The Great Inflation University of Chicago Press, 2012

What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package, (with John F. Cogan), in Government Policies and the Delayed Economic Recovery, Lee Ohanian, John B. Taylor, Ian Wright (Eds,) Hoover Press, Stanford, 2012

Swings in the Rules-Discretion Balance, In Rethinking Expectations: The Way Forward for Macroeconomics, Roman Frydman and Edmunds Phelps, (eds.), Princeton University Press, 2012.

 

Less Recent Papers

1968-2011

 

Recent Congressional Testimony

Too Big to Fail, Title II of the Dodd-Frank Act and Bankruptcy Reform, Testimony Before The Oversight and Investigations Subcommittee Committee on Financial Services, U.S. House of Representatives, May 15, 2013

A Steadier Course for Monetary Policy, Testimony before the Joint Economic Committee of Congress, April 18, 2013

A Review of Recent Monetary Policy, Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services US House of Representatives, March 5, 2013

Government Regulatory Policies and the Delayed Economic Recovery, Testimony before the Committee on the Judiciary, September 20, 2012

Testimony before the Subcommittee on Domestic Monetary Policy of the Committee on Financial Services at the Hearing on "Improving the Federal Reserve System: Examining Legislation to Reform the Fed and Other Alternatives," May 8, 2012

A Regulatory Moratorium as Part of a Comprehensive Economic Strategy, Testimony before the Subcommittee on Courts, Commercial and Administrative Law, Committee on the Judiciary, February 27, 2012

Testimony before the Joint Economic Committee at the Hearing on “Monetary Policy Going Forward: Why a Sound Dollar Boosts Growth and Employment,” March 27, 2012

The Need for a Comprehensive Economic Strategy, Testimony before the Committee on Finance Subcommittee on Fiscal Responsibility and Economic Growth, U.S. Senate, September 13, 2011

An Assessment of the President's Proposal to Stimulate the Economy and Create Jobs, Testimony Before the Committee on Oversight and Goverment Reform Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending, U.S. House of Representatives, September 13, 2011

Why a Credible Budget Strategy Will Reduce Unemployment and Increase Economic Growth Testimony Before the Joint Economic Committee of the Congress of the U.S., June 21, 2011
Slides to Accompany Why a Credible Budget Strategy Will Reduce Unemployment and Increase Economic Growth Testimony, June 21, 2011

Evaluating the TARP, Senate Banking Committee Written Testimony, March 17, 2011

The 2009 Stimulus Package: Two Years Later, Testimony before the Committee on Oversight and Government Reform Subcommittee on Regulatory Affairs, February 16, 2011

Economic Growth and Job Creation: The Road Forward, Testimony before the Committee on Financial Services, U.S. House of Representatives, January 26, 2011

Assessing the Federal Policy Response to the Economic Crisis, Testimony before the Senate Budget Committee, September 22, 2010

Testimony before the Committee on the Budget, U.S. House of Representatives, July 1, 2010

An Exit Rule for Monetary Policy, Testimony before the Committee on Financial Services, U.S. House of Representatives, March 25, 2010

Response to Questions from the Financial Crisis Inquiry Commission, November 2009

Testimony, Committee on the Judiciary, Subcommittee on Commercial and Administrative Law, U.S. House of Representatives, October 22, 2009

Monetary Policy and Systemic Risk Regulation, Committee on Financial Services, U.S. House of Representative, July 9, 2009

Monetary Policy and the Recent Extraordinary Measures Taken by the Federal Reserve, Committee on Financial Services, U.S. House of Representatives, Feb. 26, 2009

The State of the Economy and Principles for Fiscal Stimulus, Committee on the Budget, U.S. Senate, Nov. 19, 2008

Monetary Policy and the State of the Economy, Committee on Financial Services, U.S. House of Representatives, Feb. 26, 2008

 

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

How to Let Too-Big-To-Fail Banks Fail (with Kenneth E. Scott), Wall Street Journal, May 15, 2013

A Better Strategy for Faster Growth (with George P. Shultz, Gary S. Becker, Michael J. Boskin, John F. Cogan, Allan H. Meltzer), Wall Street Journal, March 24, 2013

How the House Budget Would Boost the Economy, Wall Street Journal, March 18, 2013

Sequester Impact Small, Says Stanford Professor: Chart, Bloomberg, March 1, 2013

Fed Policy Is a Drag on the Economy, Wall Street Journal, January 29, 2013

Raw Deal, A critique of Michael Grunwald’s review of the stimulus, Foreign Policy, November 2012

Intro to Romneynomics, Defining Ideas, October 29, 2012

The Romney Cure for Obama-Induced Economic Ills, Wall Street Journal, October 4, 2012

The Magnitude of the Mess We're In (with George P. Shultz, Michael J. Boskin, John F. Cogan, Allan H. Meltzer), Wall Street Journal, September 17, 2012

The Hidden Costs of Monetary Easing (with Phil Gramm), Wall Street Journal,September 12, 2012

When Volcker Ruled, Wall Street Journal,September 8, 2012

The Road to Recovery, City Journal, Vol. 22, No. 3, Summer 2012

Monetary Policy and the Next Crisis, Wall Street Journal, July 5, 2012

Slowing Foreclosures Will Harm Housing Market, San Francisco Chronicle (with Doug Holtz-Eakin), July 2, 2012

Rules for America's Road to Recovery, Wall Street Journal, June 1, 2012

The Dangers of an Interventionist Fed, Wall Street Journal, March 29, 2012

A Better Grecian Bailout, Wall Street Journal, February 22, 2012

Economics for the Long Run, Wall Street Journal, January 25, 2012

Less recent op-eds and articles

 

Video Interviews

Taper Talk & the Fed Debate on the Kudlow Report , June 14, 2013 (8:30)

Worst Recovery We've Seen in Years CNBC, April 30, 2013 (4:24)

Complete US Growth Likely 3 Percent in First Quarter Bloomberg TV, April 22, 2013 (6:27)

Bulging Budget Bothers Market Master CNBC’s, Squawk Box, April 12, 2013 (4:31)

Slowest Recovery in History  Wall Street Journal, Uncommon Knowledge, April 2013 (2:29)

Is There Anything We Can Do? Wall Street Journal, Uncommon Knowledge. April, 2013 (1:46)

Complete Interview on the Economic Recovery Wall Street Journal, Uncommon Knowledge, April 2013 (34:32)

Beyond the Cuts, CNBC, March 5, 2013 (3:59)

How Uncertainty is Hurting the Economy, CNBC's Squawk Box, February 7, 2013 (2:38)

Why the Economy is Stuck in Neutral, CNBC's Squawk Box, February 7, 2013 (5:09)

John Taylor on Spending Cuts, Fox Business, February 7, 2013 (3:42)

Where's the Inflation?, Wall Street Journal's Opinion Journal, February 7, 2013 (4:50)

John Taylor on Fed's Dual Mandate, Bloomberg's Bottom Line, February 7, 2013 (5:37)

Slow Growth Is Biggest Economic Challenge Facing Incoming President, (with Austan Goolsbee), PBS NewsHour November 2, 2012 (11:39)

Our Unemployment Number is a Tragedy, Bloomberg’s in the Loop, November 2, 2012, (4:24)

We Could Be Doing Better, CNN, November 2, 2012 (2:56)

Recovery Would Have Been Better Without Quantitative Easing, Fox Business News, October 26, 2012

Part II of Recovery Would Have Been Better…, Fox Business News, October 26, 2012

Taylor: Romney Did a Terrific Job on Economy October 4, 2012, Bloomberg's In the Loop (2:35)

Discussion-Debate with Kenneth Arrow on the Economy and the 2012 Election, October 9, 2012 (1:26:54)

Is This a Recovery in Name Only? September 21, 2012, CNBC's Squawk Box (7:44)

Will Fed’s Sprint to Print Ease Economic Woes?  September 21, 2012, CNCB’s Squawk Box (7:43)

Will Bernanke Announce Policy Changes in Jackson Hole? August 30, 2012, Fox Business (6:38)

Will Americans Buy Romney's Proposals to Turn Around the Economy? August 28, 2012, PBS Newshour (8:41)

Taylor Says Fed Should Return to Rules-Based Policy August 28, 2012, Bloomberg Street Smart (9:11)

The Biggest Threats to the U.S. Economy August 23, 2012, Fox Business Willis Report (4:53)

Romney's Economic Proposal Gaining Support Among Economists?, August 21, 2012 Fox Business (4:04)

What Can the Fed Do to Prop Up the Economy July 31, 2012, Fox Business (3:47)

Interview on Hayek and Policy Rules with Rick Santelli June 26, 2012, CNBC's Squawk on the Street (6:25)

Interview on Economics, Leading Economists Series, Center for Advanced Studies in Economic Efficiency, December 2011

How US Can Reclaim Its Economic Strength? June 8, 2012, CNBC's Squawk Box (6:25)

The Eighth Annual Hayek Lecture June 1, 2012, The Manhattan Institute for Policy Research (57:48)

Monetary, Fiscal Policies Stall Growth, Taylor Says May 31, 2012, Bloomberg Television's Inside Track (4:34)

First Principles: Five Keys to Restoring America's Prosperity April 19, 2012, C-Span (37:47)

Tracking Gains in the Job Market April 9, 2012, CNBC's Squawk Box (6:53)

The Power of the Markets April 9, 2012, CNBC's Squawk Box (3:55)

Economic Debate: John Taylor and Larry Summers April 4, 2012, SIEPR (1:14:00)

Five Keys to Restoring America's Prosperity April 3, 2012, Reason TV (5:31)

Stocks Swing Higher March 8, 2012, CNBC's Squawk Box (7:27)

Bernanke's Testimony and the Economy March 1, 2012, CNBC's Squawk Box (8:46)

First Principles: Five Keys to Restoring America's Prosperity February 24, 2012, The Heritage Foundation (37:20)

The Greek Bailout Equation February 22, 2012, Wall Street Journal TV  (6:36)

Taylor on U.S. Budget Deficit February 21, 2012, Bloomberg Television's Street Smart  (4:10)

Will Greece Get Bailout Package? February 14, 2012, CNBC (3:13)

Taylor on U.S. Deficit, Fed, Greece February 6, 2012, Bloomberg TV (7:09)

Economics for the Long Run January 24, 2012, Wall Street Journal TV (8:27)

Restoring Prosperity: Trust Markets, Not Bailouts January 24, 2012, The Street (3:13)

John Taylor's Spending Rules to Live By January 23, 2012, Wall Street Journal TV (8:27)

The 5 Steps to Fixing the Economy January 20, 2012, Fox Business' Willis Report (4:24)

Taylor on Fed Policy, US Economy January 20, 2012, Bloomberg's Surveillance Midday (12:51)

Carnegie's Meltzer on Fed Policy, Taylor Rule January 20, 2012, Bloomberg's Surveillance Midday with Allan Meltzer (7:22)

Principles to Restore the Economy January 20, 2012, CNBC's Squawk Box (9:58)

Market Anticipates FOMC January 20, 2012, CNBC's Squawk Box, segment on monetary policy with Steve Liesman (6:55)

"Economic Principles for Growth" January 20, 2012, CNBC's Squawk Box (1:30)

Less recent video interviews

 

Podcasts

Republican Convention Coverage Part 2 August 30, 2012, WNYC's Brian Lehrer Show (44:25).

The Romney Economic Plan August 29, 2012, NPR's On Point (47:31).

Taylor on a Gold Standard and a Rules Based Fed Policy August 27, 2012, Hays Advantage (15:29).

First Principles and the Rule of Law June 26, 2012, John Bachelor Show.

First Principles: Five Keys to Restoring America's Prosperity June 18, 2012, Money, Riches, and Wealth (21:55).

Fixing the weak US economy requires more long-term policy June 5, 2012, Market Place (4:04).

John Taylor's 2012 Hayek Prize May 15, 2012, John Batchelor Show.

2012 Hayek Prize for First Principles May 15, 2012, John Batchelor Show (39:47).

John Batchelor Show Debate at the Hoover Institution, April 28-29, 2012

Keynes and Hayek, with attention to Milton Friedman's conversation on Keynes and Hayek. Nicholas Wapshott, John Taylor, Michael Boskin, Russ Roberts. (Three segments broadcast on April 28 and 29, 2012 on the John Batchelor Show)

Segment 1

Segment 2

Segment 3

Taylor on Rules, Discretion and First Principles April 30, 2012, EconTalk. 1:02:34

Taylor on the John Batchelor Show April 3, 2012, John Batchelor Show.

First Principles: Five Keys to Restoring America's Prosperity March 3, 2012, Larry Kudlow Show.

John Taylor on Returning Economy to Prosperity February 27, 2012, The Foundry (7:27).

Rebecca Costa's Interview with John B. Taylor February 17, 2012, The Costa Report (51:20).

Five Keys to Restoring America's Prosperity February 16, 2012, KQED's Forum (52:00).

John Taylor on Payne Nation January 25, 2012, Payne Nation.

John Taylor on the Tom O'Brien Show January 25, 2012, Tom O'Brien Show (starts around 1:21:00).

Stanford's Taylor Says Economic Crisis Not Over January 20, 2010, Bloomberg's Surveillance (13:50).

First Principles Broadcast on January 17, 2012, John Batchelor Show (starts at 19:27).

Less recent podcasts

 

Economics Teaching

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

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, 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

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