John B. Taylor

Mary and Robert Raymond Professor of Economics at Stanford University
George P. Shultz Senior Fellow in Economics at the Hoover Institution

Contact Information   One-Page Bio   Curriculum Vitae   Photo   Other Pictures


Taylor’s Blog

Economics One

 

Recent Books

First Principles: Five Keys to Restoring America’s Prosperity, 2012, Order Hardcover or Kindle Edition

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

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

Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis, 2009, Order from Amazon

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

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 

The Taylor Rule and the Transformation of Monetary Policy, Federal Reserve Bank of Kansas City, December 2007

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 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

Profile on Teaching, From Stanford Today

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

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

 

Collections of Articles on Monetary Policy and International Finance

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

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

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

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

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)

Working Group on Economic Policy (Hoover Institution, Stanford University)

 

Recent Papers

The Rules-Discretion Cycle in Monetary and Fiscal Policy, Finnish Economics Papers, Vol. 24, No. 2, 2011, pp. 1-9.                                                                                                                                  

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

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

An Empirical Analysis of the Revival of Fiscal Activism in the 2000s, Journal of Economic Literature, Vol. 49, No, 3. September 2011, pp. 686-702

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

The Cycle of Rules and Discretion in Economic Policy, National Affairs, Spring 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

Historical Evidence on the Benefits of Rules-Based Economic Policy Address before American Economic Association – American Finance Association Luncheon, January 7, 2011

Swings in the Rules-Discretion Balance, paper for 40th anniversary of Phelps micro foundations volume, November 20, 2010

Legislating a Rule for Monetary Policy Cato Journal, Vol. 31, No. 3, Fall 2011, pp. 407-415

Review of Allan Meltzer’s A History of the Federal Reserve, Volume 2 , Journal of Monetary Economics, 2011

What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package, (with John F. Cogan), October 2010

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

Remarks at a panel on Monetary Policy Implications of the Global Crisis, Presented at the International Journal of Central Banking Conference, hosted by the Bank of Japan, September, 16-17 2010.

Commentary: Monetary Policy After the Fall, Jackson Hole Conference, August 28, 2010

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

Does the Crisis Experience Call for a New Paradigm in Monetary Policy? CASE Network Studies & Analyses No.402, Warsaw, June 2010

Macroeconomic Lessons from the Great Deviation, Dinner Lecture the 25th Anniversary of the NBER Macro Annual , May 2010

Comments on IMF paper Global Effects of Fiscal Stimulus During the Crisis at Carnegie-Rochester Conference, May 2010

Simple and Robust Rules for Monetary Policy (with John C. Williams), in B. Friedman and M. Woodford (Eds.), Handbook of Monetary Economics, 3, Elsevier, forthcoming, 2010

Origins and Policy Implications of the Crisis, in Roger Porter (Ed.) New Directions in Financial Services Regulation, MIT Press, 2010

Getting Back On Track: Macroeconomic Lessons from the Financial Crisis, Federal Reserve Bank of St. Louis Review, May/June 2010

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

Lessons from the Financial Crisis for Monetary Policy in Emerging Markets, L. K. Jha Lecture, Reserve, Bank of India, February 24, 2010

Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation, with Andrew Levin, December 2009       

Estimated Impact of the Fed’s Mortgage Backed Securities Purchase Program, with Johannes C. Stroebel, December 2009

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

Analysis of Daily Retail Sales Data During the Financial Panic of 2008 October 2009

Comment on Economics of the Primary Dealer Credit Facility, Slide presentation at the AEA Meetings. Jan 4, 2009

Surprising Comparative Properties of Monetary Models: Results from a New Monetary Model Database Presented at ASSA Meetings, January 2009

 

Less Recent Papers

1968-2010

 

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

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

Want Growth? Try Stable Tax Policy, Wall Street Journal, December 21, 2011

A Slow-Growth America Can't Lead the World Wall Street Journal, November 1, 2011

Stimulus Has Been a Washington Job Killer Wall Street Journal, October 4, 2011

End the Fed's Dual Mandate And Focus on Prices, Bloomberg, September 16, 2011

The First Shot in the War on Terrorism, Bloomberg, September 8, 2011

Not More of the Same New York Times, September 7, 2011

Less recent op-eds and articles

 

Video Interviews

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)

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)

Is U.S. Leadership off Track?, November 1, 2011, Kudlow Report (4:20)

Debt Deal Positive for Economy? filmed on August 10, 2011, CNBC (4:57)

Much accomplished in US debt deal filmed on August 3, 2011, Reuters (5:07)

Post-Debt Deal Economics filmed on August 3, 2011, CNBC (6:53)

Raise the Roof: Debt Crisis Averted, But Debate Far From Over filmed on August 2, 2011, PBS's NewsHour (12:40)

Less recent video interviews

 

Podcasts

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).

US Monetary Policy and Economic Recovery November 10, 2011, Market Wrap.

US Monetary Policy and Economic Recovery November 10, 2011, Payne Nation.

US Monetary Policy and Economic Recovery November 10, 2011, John Batchelor Show.

Taylor on the Kudlow Report November 5, 2011, Kudlow Report(starts at 78:40).

Taylor on the John Batchelor Show October 11, 2011, John Batchelor Show.

Does the Economy Need a Little Inflation? October 7, 2011, NPR.

The Financial Front in the War on Terror September 11, 2011, Bloomberg.

Boosting Job Growth: It's A Money Matter August 14, 2011, KQED.

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