Overview

John B. Taylor: Economist, Teacher, and Architect of Modern Policy Few have had an impact on the world of economics and monetary policy equal to that of John B. Taylor. A professor of economics at Stanford University and fellow at its Hoover Institution since 1984, Taylor has made influential contributions in monetary policy, public service, and academia for five decades. A Celebration Honoring John B. Taylor's Contributions to Economics and Monetary Policy is based on a conference held May 8, 2025, at the Hoover Institution to honor Taylor's life and career. Many of Taylor's colleagues and students past and present, other monetary experts, and family and friends came together to pay tribute and share insightful anecdotes of his character and dedication. Reflecting the conference proceedings, this volume shares the presentations and vivid discussions around Taylor's role as a leading economist, from his development of the influential Taylor rule--an important tool of monetary policy--to his laudable public service in the US Treasury and on the Council of Economic Advisers under Presidents Ford, Carter, and George H. W. Bush. Nineteen chapters from scholars and officials who were involved in Taylor's career are introduced by opening remarks from Stanford University President Jonathan D. Levin and a letter from Federal Reserve Board Chair Jerome H. Powell, who states the Taylor rule ""has become an international benchmark in the practical analysis of central banks' interest rate policies."" Groups of essays and panel discussions follow, focusing on different aspects of Taylor's career. Taylor's work has been highly influential in monetary policy circles as well as in academic publications. Its impact is enhanced by his deep policy engagement, whether through his late-1970s work on optimal policy, his role in the reconstruction of Iraq's monetary and financial system, or his early commentary predicting the Global Financial Crisis. This volume further captures how John's influence extended through personal interactions with academic colleagues, central bankers, and policymakers around the world, and generations of students, creating a legacy that is sure to stand the test of time.

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9780817927240

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Reviews

""John Taylor's rigorous analysis and brilliant research taught the importance of connecting theory and experience to yield clear prescriptions for good policy."" --John C. Williams, president and chief executive officer, Federal Reserve Bank of New York ""The list of contributors testifying to the pivotal role of Taylor's research reads like a who's who of macroeconomics and central banking. The Taylor rule [has] proved tremendously useful for policy practice around the world."" --Volker Wieland, IMFS Endowed Chair Monetary Economics, Frankfurt ""Insightful reflections by leading scholars on the significance of Taylor's contributions to economic science and policy . . . a well-deserved homage to a great macroeconomist."" --Jordi Galí, senior researcher, Center for Research in International Economics, and professor, Universitat Pompeu Fabra ""It is not possible to overstate John Taylor's contribution to modern macroeconomics. After the rational expectations revolution of the 1960s and '70s devastated traditional macroeconomics, John helped lead the way out of the wilderness. . . . This volume wonderfully tells the story of how all this occurred and what it all means."" --Mark Gertler, Henry and Lucy Moses Professor of Economics and university professor, New York University ""A masterful review of developments in monetary macroeconomics since the 1970s. . . . Leading scholars provide a window on current debates about the role of rules in the conduct of monetary policy, while also demonstrating the breadth and depth of Taylor's influence."" --Michael Woodford, John Bates Clark Professor of Political Economy, Columbia University

Author Information

Michael D. Bordo is the Duncan Stewart Distinguished Visiting Fellow at the Hoover Institution; and a Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University. John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution, a research associate of the National Bureau of Economic Research, and an adjunct scholar of the Cato Institute.

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