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John Taylor’s Contributions to Economics

Author

Listed:
  • Michael D. Bordo

    (Rutgers University, Hoover Institution, and NBER)

  • John H. Cochrane

    (Hoover Institution and NBER)

  • Jonathan S. Hartley

    (Stanford University and Hoover Institution)

Abstract

John B. Taylor is one of the greatest macroeconomists of the late 20th and early 21st centuries. This paper surveys his seminal contributions to monetary theory, policy rules, and macroeconomic modeling. Taylor’s work on rational expectations, staggered contracts, and the development of the Taylor Rule transformed the theory and practice of monetary policy. Through scholarship, policy engagement, and public service, Taylor has profoundly influenced academic research and central banking practice, establishing rules-based policy as a central paradigm in macroeconomics

Suggested Citation

  • Michael D. Bordo & John H. Cochrane & Jonathan S. Hartley, 2025. "John Taylor’s Contributions to Economics," Working Papers 346, Princeton University, Department of Economics, Center for Economic Policy Studies..
    • Handle: RePEc:pri:cepsud:346
    as

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    File URL: https://gceps.princeton.edu/wp-content/uploads/2025/07/wp346_BordoCochraneHartley_TaylorEconContributions.pdf
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    More about this item

    Keywords

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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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