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

Ending Government Bailouts as We Know Them with Kenneth Scott and George Shultz (Eds.) 2010, Order from Amazon


The Road Ahead for the Fed with John Ciorciari (Eds.) 2009 Order from Amazon


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: Global Financial Crisis Edition, 2010, with Akila Weerapana, book website

 

Interviews and Biographical

One Economist’s Solution for Financial Reform and The Recovery Is Gaining Momentum, Interviews with Motley Fool on 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

Agenda for Dallas Fed Conference, (WSJ Op-Ed) October 2007

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

International Journal of Central Banking A new journal publishing refereed papers of high analytical quality on policy relevant topics.

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)

Global Markets Working Group Dec 10 conference on Ending Government Bailouts As We Know Them

 

Recent Papers

Testimony before the Committee on the Budget, U.S. House of Representatives, July 1, 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) Handbook of Monetary Economics, April 2010

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

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

An Exit Rule for Monetary Policy, February 10, 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

Defining Systemic Risk Operationally, Prepared for Workshop “Ending Government Bailouts As We Know Them,” 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

The Term Structure of Policy Rules (with Josephine Smith), published, revised, and renamed version of September 2007 paper

Testimony at the House Committee on the Judiciary, October 22, 2009

Should the G20 Reconsider the Decision to Treble IMF Recourses?, Report on Globalization for G20 meeting, August, 2009

Empirically Evaluating Economic Policy in Real Time, Inaugural Martin Feldstein Lecture, NBER, July 10, 2009
Video and slides from the Feldstein lecture

Monetary Policy and Systemic Risk Regulation, Testimony before the Subcommittee on Domestic Monetary Policy and Technology Committee on Financial Services, U.S. House of Representatives, July 9, 2009

Systemic Risk and the Role of Government, Keynote at the 13th Annual Forum, Federal Reserve Bank of Atlanta, May 12, 2009

New Keynesian versus Old Keynesian Government Spending Multipliers, with John Cogan, Tobias Cwik, and Volker Wieland, Feb 28, 2009

Monetary Policy and the Recent Extraordinary Measures Taken by the Federal Reserve, Testimony before House Financial Services Committee, Feb 26, 2009

The Lack of an Empirical Rationale for a Revival of Discretionary Fiscal Policy, Presented at AEA Meetings, Slides. Jan 4, 2009

The Need to Return to a Monetary Framework, Presented at the NABE Panel at the AEA Meetings, Slides, Jan 3, 2009

Weekly updates Update 9.5 Feb 4, Update 9.6 Feb 11, Update 9.7 Feb 18, Update 9.8 Feb 25

The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong, Keynote Address at Bank of Canada, November 2008

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

The State of the Economy and Principles for Fiscal Stimulus, Testimony before the Committee on the Budget, United State Senate, November 2008
The Way Back to Stability and Growth in the Global Economy, The Mayekawa Lecture, Bank of Japan, May 2008
Further Results on a Black Swan in the Money Market, with John C. Williams, May 2008
The Impacts of Globalization on Monetary Policy, Banque de France International Symposium, March 2008

Monetary Policy and the State of the Economy, Testimony at House Financial Services Committee, Feb 2008
The Costs and Benefits of Deviating from the Systematic Component of Monetary Policy, Address at San Francisco Fed, Feb 2008  
A Black Swan in the Money Market with John C. Williams, February 2008, (Revised April 2008).
A Review of the Productivity Resurgence, Remarks at productivity panel, AEA meetings, Jan 2008            

Better Living through Monetary Economics, Presented at AEA Meetings, Jan 2008
The Importance of Being Predictable, Presented at 23rd Annual Policy Conference, St. Louis Fed. October 2007

The Dual Nature of Forecast Targeting and Instrument Rules: Comment on M. Woodford’s Dallas paper, Oct 2007
Monetary Theory: Do We Get More Out Of It Than We Put Into It? Speech at the Swiss National Bank, Sept 2007
The Long and the Short End of the Term Structure of Policy Rules with Josephine Smith, Sept 2007
The Explanatory Power of Monetary Policy Rules Adam Smith Lecture, National Association of Business Economics, Sept  2007
Housing and Monetary Policy Presented at the 2007 Jackson Hole Conference, Aug 2007

Globalization and Monetary Policy: Missions Impossible
Girona , Spain , June 2007
Lessons of the Financial Crisis for the Design of the New International Financial Architecture, Keynote Address, Montevideo , May 2007
The 2002 Uruguayan Financial Crisis: Five Years Later Montevideo , May 2007

Lessons from the Recovery from the “Lost Decade” in Japan: The Case of the Great Intervention and Money Injection Japan , Sept 2006
Implications of Globalization for Monetary Policy prepared for academic consultants meeting, Federal Reserve Board, September 2006
Economic Reform and the Current Account: Implementing the Strategy Prepared for IMF Conference on the Current Account       
Comments on “Tradeoffs in Monetary Policy” by Milton Friedman For David Laidler’s Festschrift
Commentary on “The Rise of Off-Shoring” by G. Grossman and E. Rossi-Hansberg Presented at the 2006 Jackson Hole Conference
Lessons Learned from the Implementation of Inflation Targeting  Paper for 80th Anniversary of Bank of Mexico
Thirty-five Years of Model Building for Monetary Policy Evaluation: Breakthroughs, Dark Ages, and a Renaissance

The Policy Support Instrument: A Key Component of the Recent IMF Reform Movement
Lessons Learned from the Greenspan Era Comments presented at the 2005 Jackson Hole conference
The International Implications of October 1979: Toward a Long Boom on a Global Scale
Increasing Economic Growth and Stability in Emerging Markets

Strengthening the Global Economy

 

Less Recent Papers

Commentary: Macroeconomic Implications of the New Economy

Expectations, Open Market Operations, and Changes in the Federal Funds Rate

Using Monetary Policy Rules in Emerging Market Economies

The Role of the Exchange Rate in Monetary Policy Rules

Low Inflation, Deflation, and Policies for Future Price Stability

Recent (circa 2000) Development in the Use of Monetary Policy Rules

Alternative Views of the Monetary Transmission Mechanism

Reassessing Discretionary Fiscal Policy

How the Rational Expectations Revolution has changed the Macroeconomic Policy Research

Low inflation, Pass Through, and the Pricing Power of Firms

The Monetary Transmission Mechanism and The Evaluation of Monetary Rules

The Robustness and Efficiency of Monetary Policy Rules as Guidelines for the ECB

Staggered Wage and Price Setting in Macroeconomics

A Historical Analysis of Monetary Policy Rules

Information Technology and Monetary Policy

The Policy Rule Mix: A Macroeconomic Policy Evaluation

Introduction to Monetary Policy Rules

Applying Academic Research on Monetary Policy Rules

Comments on "Monetary Policy Under Uncertainty"

Comments on "Making Policy in a Changing World"

Summary Remarks at Bank Indonesia Conference

Comments on "Three Lessons for Monetary Policy in a Low Inflation Era"

Comments on Athanasios Orphanides' The Quest for Prosperity Without Inflation (slides)

Inflation Targeting and Monetary Rules: Experience and Research (slides)

The New Normative Macroeconomics (slides)

 

Archive of Papers

1968-2006

 

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)

 

Recent Op-Eds and Articles

The Dodd-Frank Financial Fiasco, Wall Street Journal, July 1, 2010

Central banks are losing credibility, Financial Times, May 11, 2010

How to Avoid a ‘Bailout Bill’, Wall Street Journal, May 3, 2010

Analyzing the Impact of the Fed’s Mortgage-Backed Securities Purchase, with Johannes C. Stroebel, VoxEU.org, January 27, 2010

The Fed and the Crisis: A Reply to Ben Bernanke Wall Street Journal, January 11, 2010

Fuel for the Financial Fire Forbes Magazine, November 2, 2009

The Stimulus Didn’t Work, Wall Street Journal, September 17, 2009 Data Update, October 22, 2009

The Coming Debt Debacle, New York Daily News, August 31, 2009

Taylor Rule Change Will Hurt Fed’s Inflation Fight: John Taylor, Bloomberg, August 25, 2009

Fed Needs Better Performance, not Powers, Financial Times, August 10, 2009

Why Toxic Assets Are So Hard to Clean Up, Wall Street Journal, July 20, 2009

Exploding Debt Threatens America, Financial Times, May 27, 2009

Valid Complaints about Spending, New York Times, April 1, 2009

The Threat Posed by Ballooning Reserves, Financial Times, March 24, 2009

How Government Created the Financial Crisis, Wall Street Journal, February 9, 2009

Why Permanent Tax Cuts Are the Best Stimulus, Wall Street Journal, November 25, 2008

The silver lining in America’s subprime cloud, Financial Times, November 6, 2007

The Empty Chair at the Iraq Hearings, Washington Post, November 1, 2007

Billions Over Baghdad, New York Times, February 27, 2007

Reinforcing the Financial Front, San Francisco Chronicle, February 21, 2007

What Comes After 'Bretton Woods II'? Wall Street Journal, August 15, 2005

Loan Rangers, Wall Street Journal, April 19, 2006

Don't Talk the Talk, Wall Street Journal, July 13, 2006

What the European Central Bank Needs to Do: Hoover Digest

Five Things We Know For Sure Hoover Digest

The Growth that Matters Most Hoover Digest

China’s Quiet Revolution, Hoover Digest

 

Recent Video Interviews

John Taylor’s videos on Youtube

Taylor Sees Greek Restructuring, Pause in U.S. Recovery filmed on July 7, 2010, Bloomberg (6:25)

Congress on Vacation? filmed on July 2, 2010, CNBC’s Kudlow Report (8:57)

Taylor Says G-20 Needs to Focus on Debt, Stimulus filmed on June 4, 2010, Bloomberg (4:19)

Prevention or bailout? filmed on May 11, 2010, CNBC’s Squawk Box (7:08)

Where do we go from here? filmed on April 22, 2010, CNBC’s Street signs (5:43)

Fed Policy, Treasuries, Debt, and the Overall Economy filmed on March 29, 2010, Bloomberg TV (8:39)

Bernanke plots exit plan filmed on February 10, 2010, CNBC’s Kudlow Report (13:57)

Unmasking Interest Rates, Honky-Tonk Style filmed on January 27, 2010, PBS’s News Hour (6:58)

The Bernanke Trade filmed on January 25, 2010, CNBC’s Kudlow Report (14:33)

Epstein and Taylor: Are we all Keynesians now? filmed on January 25, 2010, Uncommon Knowledge (38:15)

AIG Bailout Under Scrutiny filmed on January 20, 2010, CNBC’s Closing Bell (5:38)

Big Think interview with John Taylor filmed on January 19, 2010, Big Think (38:28)

In Defense of the Taylor Rule filmed on January 12, 2010, CNBC’s Kudlow Report (7:29)

John Taylor vs. Ben Bernanke filmed on January 7, 2010, CNBC’s Kudlow Report (6:53)

Week in Review: A New Year for Regulation filmed on December 11, 2009, FinReg21 (38:49)

Week in Review - Rearranging the Regulatory Structure filmed on November 20, 2009, FinReg21 (31:20)

Week in Review - Finally Looking Forward filmed on October 1, 2009, FinReg21 (19:59)

Week in Review - The Global Picture filmed on September 25, 2009, FinReg21 (23:28)

Did the Stimulus Work? filmed on September 17, 2009, CNBC (11:24)

Reliving the Crisis filmed on September 17, 2009, FinReg21 (33:27)

Taylor Says Geithner Right to Ponder Exit Strategies filmed on September 11, 2009, Bloomberg News (8:19)

Taylor’s Ruling: Government Created Credit Crisis filmed on September 10, 2009, Wall Street Journal Digital Network (4:35)

Insight on the jobs front filmed on September 3, 2009, CNBC (9:01)

Why the deficit poses a systemic risk filmed on August 24, 2009, Fox Business News (4:15)

Stimulus Plans filmed on July 7, 2009, Bloomberg (6:10)

Debate with Paul Krugman filmed on June 25, 2009, CNN (16:00)

John Taylor is interviewed filmed on June 23, 2009, C-SPAN (23:23)

Grading the TARP filmed on April 8, 2009, Bloomberg Television (6:15)

Treasury Covering Up Massive Fraud? filmed on April 6, 2009, Fox Business News (7:21)

G-20 Expanding Global Trade filmed on April 2, 2009, Fox Business News (10:55)

Getting the stimulus Right filmed on January 23, 2009, CNNMoney.com (4:20)

Crisis Management with John Taylor filmed on December 15, 2008, Uncommon Knowledge (36:20)

Interview from Ottawa with Peter Cook in Washington DC about upcoming G20 Leaders meeting, November 13, 2008, Bloomberg Television

Excerpts from John McCain's remarks after meeting with John B. Taylor and other economic advisers, October 27, 2008, CNN

Interview with Kathleen Hayes in NYC Bloomberg Studios about the housing proposals in the presidential election,October 16, 2008, Bloomberg Television

Panel discussion on the financial crisis with John Taylor, Darrell Duffie, Mark Wolfson, John Shoven, Dennis Lockhart, Anne Casscells, October 11, 2008, Stanford University
Interview with Peter Cook in Washington DC Bloomberg studios about the implications of congressional votes on the bailout bill for the presidential election,, September 25, 2008, Bloomberg Television

Interview with Larry Kudlow on the $750 Bailout bill, September 25, 2008, CNBC

The Economy According to Taylor and Judd, February 11, 2008, Uncommon Knowledge (30:59)

Interview about Hank Paulson's visit to China,December 12, 2007, CNBC

Discussion with Milton Friedman about the trade-off between the variability of inflation and the variability of output, August 7, 2007, taped in San Francisco

 

Recent Podcasts

Taylor on the State of the Economy, July 19, 2010, John Taylor talks with EconTalk host Russ Roberts about the state of the economy. What policies have helped and hurt?

Financial Crisis and a Changing Business World, April 1, 2010, Center for Social Innovations, Stanford Graduate School of Business

John Taylor’s interview with Tom Keene, May 18, 2010, Bloomberg on the Economy

Was the Stimulus Package Successful? February 16, 2010, Bob Moon, NPR’s Market Place

The Taylor Rule January 14, 2010, TFNN, The Tom O’Brien Show

Evaluating the Stimulus Package September 4, 2009, KQED

Taylor Says Fed Should Scale Back CMBS Purchases August 20, 2009, Bloomberg Radio

John Taylor on the Financial Crisis July 20, 2009, EconTalk

John Taylor’s interview concerning the economy January 8, 2009, NPR - Planet Money

John Taylor’s interview with Tom Keene, December 30, 2008, Bloomberg News

John Taylor’s discusses monetary policy August 18, 2008, Econtalk

 

Economics Teaching

Economics 1A Fall 2009 Debt Charts from Lecture 2, S&P 500 Box, Adam Smith on the Woolen Coat; Smith Bio, The Role of Private Organizations, Rose Friedman

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