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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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    References listed on IDEAS

    as
    1. Hall, Robert E, 1978. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 971-987, December.
    2. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(1), pages 147-180.
    3. Taylor, John B, 1982. "Establishing Credibility: A Rational Expectations Viewpoint," American Economic Review, American Economic Association, vol. 72(2), pages 81-85, May.
    4. Taylor, John B., 2000. "Low inflation, pass-through, and the pricing power of firms," European Economic Review, Elsevier, vol. 44(7), pages 1389-1408, June.
    5. Michael D. Bordo & John H. Cochrane & Amit Seru, 2018. "Preface - The Structural Foundations of Monetary Policy," Book Chapters, in: Michael D. Bordo & John H. Cochrane & Amit Seru (ed.), The Structural Foundations of Monetary Policy, chapter 0, Hoover Institution, Stanford University.
    6. Cogan, John F. & Cwik, Tobias & Taylor, John B. & Wieland, Volker, 2010. "New Keynesian versus old Keynesian government spending multipliers," Journal of Economic Dynamics and Control, Elsevier, vol. 34(3), pages 281-295, March.
    7. Taylor, John B, 1979. "Estimation and Control of a Macroeconomic Model with Rational Expectations," Econometrica, Econometric Society, vol. 47(5), pages 1267-1286, September.
    8. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters, in: Monetary Policy Rules, pages 319-348, National Bureau of Economic Research, Inc.
    9. repec:hoo:bookch:3-0 is not listed on IDEAS
    10. J. B. Taylor & Harald Uhlig (ed.), 2016. "Handbook of Macroeconomics," Handbook of Macroeconomics, Elsevier, edition 1, volume 2, number 2.
    11. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
    12. repec:nbr:nberre:0126 is not listed on IDEAS
    13. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
    14. Taylor, John B, 1975. "Monetary Policy during a Transition to Rational Expectations," Journal of Political Economy, University of Chicago Press, vol. 83(5), pages 1009-1021, October.
    15. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
    16. John C. Williams, 2003. "Simple rules for monetary policy," Economic Review, Federal Reserve Bank of San Francisco, pages 1-12.
    17. Cogan, John F. & Cwik, Tobias & Taylor, John B. & Wieland, Volker, 2010. "New Keynesian versus old Keynesian government spending multipliers," Journal of Economic Dynamics and Control, Elsevier, vol. 34(3), pages 281-295, March.
    Full references (including those not matched with items on IDEAS)

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    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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