Taylor's Macroeconomics 3/e

John B. Taylor

Explaining Economics.

John Taylor is one of the field's most impressive teachers. His teaching methods have made him a legend among students, and have won him both the Hoagland and the Rhodes prize for excellence in teaching. As a recent Wall Street Journal article stated, Taylor's "sober appearance... belies a somewhat zany teaching style." Few of his students forget how he first illustrates a shift of the demand curve—by dressing up as a California raisin and dancing to "Heard It Through the Grapevine," or how he proves that the supply and demand model actually works—by having student buyers and sellers call out live bids to him in the classroom. It is this gift for clear explanations and memorable illustrations that make his textbook so useful to students around the country.

Researching Economics.

Professor Taylor is also widely recognized for his research. He has created formulas for wage and price setting, and models for economic policy evaluation. One of his well-known research contributions is a rule—now widely called the Taylor Rule—used at central banks around the world. The headline of a recent U.S. News and World Report article about his rule was, "Amaze Your Friends! Predict the Fed's Next Move!" He is currently Vice-President of the American Economic Association and doing research on why economic expansions have gotten longer.

Advising about Economics.

Taylor has an active public service career, having held several high-profile policy positions. He has served as economic adviser to the Governor of his state (California), to the U.S. Congressional Budget Office, and to the President of the United States. He is also asked frequently for his advice by policymakers abroad. During the last year alone, he has traveled to meet with the heads of central banks in Brazil, Chile, Greece, Indonesia, Mexico, Japan, Turkey, Russia, and the European Monetary Union.

Professor Taylor began his career at Princeton where he graduated with the highest honors in Economics. He then received his Ph.D. from Stanford and taught at Columbia, Yale, and Princeton before returning to Stanford where he currently teaches. His email address is johnbtaylor@stanford.edu and his home page can be found at econ1.com.