Marian Miner Cook

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Tuesday, October 15, 2019

Tuesday, October 15, 2019 - Evening Program
Strong Economy/Weak Outlook: The Paradox of Today’s Economy
John Taylor, in conversation with Manfred Keil

In July, the U.S. economy set a new post World War II record for the longest expansion. Yet, despite the large number of jobs created and the very low unemployment rates, there are many troubling indicators: economic growth has been low by historical standards, the housing market—even after ten years of expansion—lags behind historical norms during expansions, as do wages and prices at this stage of the business cycle. Moreover, looming large is the threat of job losses to AI. Stanford University’s professor of economics John Taylor, an academic with extensive policy experience in business cycle analysis and monetary, fiscal, and international policy, will add his perspective and insights to the current economic conditions.

John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution. He is director of the Stanford Introductory Economics Center. He formerly served as director of the Stanford Institute for Economic Policy Research, where he is now a senior fellow.

Taylor’s academic fields of expertise are macroeconomics, monetary economics, and international economics. He is known for his research on the foundations of modern monetary theory and policy, which has been applied by central banks and financial market analysts around the world. He has an active interest in public policy and has served in multiple advising capacities at both the state and federal levels.

For four years from 2001 to 2005, Taylor served as under-secretary of Treasury for international affairs where he was responsible for currency markets, trade in financial services, foreign investment, international debt and development, and oversight of the International Monetary Fund and the World Bank. He was also responsible for coordinating financial policy with the G-7 countries, was chair of the OECD working party on international macroeconomics and was a member of the Board of the Overseas Private Investment Corporation.

His book "Global Financial Warriors: The Untold Story of International Finance in the Post-9/11 World" chronicles his years as head of the international division at Treasury. His book "Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis" was one of the first on the financial crisis, and he has since followed up with two books on preventing future crises, co-editing "The Road ahead for the Fed" and "Ending Government Bailouts As We Know Them." His book "First Principles: Five Keys to Restoring Americas’ Prosperity," was the winner of the 2012 Hayek Prize.

In 2010, Taylor received the Bradley Prize from the Bradley Foundation and the Adam Smith Award from the National Association for Business Economics for his work as a researcher, public servant, and teacher. Taylor was awarded the Alexander Hamilton Award for his overall leadership at the U.S. Treasury, the Treasury Distinguished Service Award for designing and implementing the currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. He was awarded the George P. Shultz Distinguished Public Service Award at Stanford, the Hoagland Prize for excellence in undergraduate teaching and the Rhodes Prize for his high teaching ratings in Stanford’s introductory economics course. He also received a Guggenheim Fellowship for his research, and he is a fellow of the American Academy of Arts and Sciences and the Econometric Society; he formerly served as vice president of the American Economic Association.

Previously, Taylor held positions of professor of economics at Princeton University and Columbia University. Taylor received a B.A. in economics summa cum laude from Princeton University in 1968 and a Ph.D. in economics from Stanford University in 1973.

In conversation with Professor Taylor will be CMC's Manfred Keil who received his M. Sc. and Ph.D. from the London School of Economics. After appointments in Montreal and Boston, Keil joined Claremont McKenna College in 1995. He is currently the associate director of the Lowe Institute of Political Economy and the chief economist for the Inland Empire Economic Partnership. He specializes in economic forecasting for geographical areas. He teaches statistics, econometrics, and macroeconomics at CMC.