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Applying to economics PhD programs

June 13, 2020

Topics: education research

Last year I applied to several economics PhD programs at elite universities and business schools. I applied to twelve programs (nine in economics and three in business), was accepted by three, and chose to study at Stanford . This post describes my experience with the application process and offers some advice to future applicants.

Earning a degree

Gaining research experience, completing the gre, choosing where to apply, transcripts, gre score reports, recommendation letters, statements of purpose, writing samples, diversity statements, waiting for responses, admissions decisions, further reading, before applying.

The programs I applied to accepted applications between late September and early December. However, these applications depended on tasks completed earlier: earning a degree , gaining research experience , completing the Graduate Record Exam (GRE) , and choosing where to apply .

Every program required that I held the equivalent of a four-year bachelor’s degree or higher. Most stated explicitly that a master’s was not necessary. Some stated explicitly that applicants need not have a major in economics, but some prior coursework (e.g., intermediate microeconomics) helps to signal interest and familiarity. Most stated explicitly that applicants should be comfortable with undergraduate-level calculus, linear algebra, and probability and statistics.

While not required explicitly, my impression is that most successful applicants to top programs have some research experience. Such experience helps demonstrate that you know what research is and can conduct it successfully. Moreover, everyone applying to top programs has stellar grades, so having research experience helps you stand out.

Thankfully, there are many ways to gain research experience. I have four recommendations.

First, write an honours or master’s thesis. Doing so provides early evidence that you’re interested in research and can work independently.

Second, work with professors while studying. The University of Canterbury (UC), where I completed my bachelor’s degree, offers scholarships to work with professors during summer breaks. I won one to work with Richard Watt on a theoretical project related to insurance pricing. Completing the project gave me experience to discuss in my statement of purpose and gave Richard something to discuss in his recommendation letter .

Third, work at a research-oriented organisation after finishing your bachelor’s or master’s. In New Zealand, the best place is Motu or the Reserve Bank , depending on whether you’re more interested in microeconomics or macroeconomics. Working at Motu has improved my technical and research skills, and given me experience working with respected economists on substantive research projects. It has also helped clarify what a “research career” looks like and whether it’s something I want to pursue.

Finally, consider completing a pre-doctoral fellowship at an elite university. These fellowships typically last one or two years, and involve assisting professors with their research. Pre-doctoral fellowships deliver similar benefits to working at places like Motu. However, some fellowships (e.g., those offered by Opportunity Insights at Harvard and SIEPR at Stanford) allow you to take graduate courses while working, further strengthening your profile. Moreover, working with well-known economists at elite universities (and impressing them) helps you gain strong recommendation letters.

All programs required official scores from the (general) GRE , a standardised test comprising three sections: quantitative reasoning, verbal reasoning, and analytical writing. The test can be attempted multiple times. Programs consider only your highest score on each section.

I sat the GRE once, in 2018. The test took about four hours. The quantitative and verbal reasoning sections each comprised two sets of 20 multi-choice questions. The quantitative section was mostly high school-level mathematics. (New Zealanders: think NCEA Level 1 or 2.) The verbal section tested reading comprehension and vocabulary. The analytical writing section comprised two short, typed essay responses to prompts given during the test. I think anyone who recently earned a bachelor’s degree in economics could do well on the test with 2–4 weeks of study.

Jones et al. (2020) survey graduate admissions coordinators, who report placing more emphasis on quantitative reasoning scores than verbal reasoning scores when evaluating applicants. Both scores are less important at higher ranked programs because applicants to such programs tend to have higher scores, leaving less variation for identifying applicants’ relative abilities. For example, Harvard’s economics department states that admitted candidates’ quantitative scores range “in the 97th percentile.” I scored in the 94th percentile and would have resat the test if I had scored any lower.

I applied to most programs in the “top 10,” and a few more specialised programs that matched my interests and geographic preferences. I figured that if I was going to move overseas, away from my family and friends, then I better go somewhere excellent. If I had a weaker technical background or less research experience then I might have aimed lower.

Beyond this “aim high” strategy, I have two recommendations.

First, apply to as many programs as you can afford and would attend. The marginal effort cost of applying to each program falls quickly after preparing your first set of application materials. Moreover, although the application fees can sting, they are small compared to the expected gain in life satisfaction from being admitted.

Second, apply to programs at business schools as well as economic departments. Chicago, Harvard, Northwestern, NYU, and Stanford’s business schools all offer excellent economics-focused PhD programs. They provide similar technical training and faculty access to “traditional” programs. However, business schools tend to offer larger stipends and require less teaching than economics departments. Business schools tend to make fewer offers, but they also tend to receive fewer applications.

Application materials

All of the programs I applied to required the following materials:

• An application form, submitted online;
• Copies of my academic transcripts ;
• Official GRE score reports ;
• Recommendation letters ;
• A statement of purpose .

Most programs required a writing sample . Some required a (short) diversity statement . All required payment of a 75–125 USD application fee.

Overall, it took about a month to prepare my application materials and about a day to tailor them to each program. To track my progress and help manage my time, I maintained a checklist of form sections to complete and materials to upload.

Stanford asked for official copies of my academic transcripts. All other programs accepted “unofficial” copies. I ordered a digital copy from UC, which set up a My eQuals account with my transcript uploaded as a PDF and certified by the UC registrar. I shared this certified version with Stanford, saving me about 190 USD worth of third-party certification fees. I downloaded the PDF version from My eQuals and used it as the unofficial copy for my other applications.

In addition to transcripts, some schools asked for more information about my prior coursework. Harvard and MIT asked for comprehensive lists of course codes and titles, dates completed, grades obtained, and textbooks used. Other programs asked for similar information but only for the handful of “most advanced” courses I’d taken in economics, mathematics, and statistics. Stanford asked me to match the courses I’d taken with courses offered at Stanford. The matching took a while because the courses I took at UC often matched Stanford courses in different subject areas and at different degree levels.

New Zealand universities use a nine-point GPA system, whereas the universities I applied to use a four-point system. Some programs asked me to report my GPA on its original scale, some asked me to convert it to the four-point scale, and some asked me to leave the GPA field blank. Overall, the difference in systems didn’t seem to be problematic.

All programs asked for official GRE score reports. The testing fee (205 USD) covers the cost of sending scores to up to four institutions, nominated on test day. Sending scores to additional institutions costs 27 USD per institution. I didn’t nominate any schools on test day because I wasn’t sure whether I would need to resit the test, or whether sending low scores would hurt my admissions chances even if I resat the test and performed better. Once I sent my score reports, most programs confirmed receipt after about a week.

All programs asked me to nominate three recommendation letter writers. I arranged my recommenders about two months in advance. I gave each a list of programs I was applying to, a description of each program, and the due date for their letters. I also provided copies of my CV, transcript, and draft statements of purpose.

Whenever I nominated a recommender, I was asked whether I wanted to waive my FERPA right to view their letter upon admission. I always waived. I wasn’t concerned that my recommenders would change what they wrote if they knew I could read their letters. Instead, I was concerned that admissions committees would observe that I chose not to waive access, assume that my recommenders responded by providing stronger-than-truthful recommendations, and subsequently discount the quality of those recommendations.

All programs asked for a statement describing my preparation for graduate study, my research experience and interests, and my career goals. The statement I submitted to Stanford contained

• a brief introduction,
• a paragraph describing my educational background,
• five paragraphs describing my research experience,
• a paragraph stating my research interests, and
• a paragraph stating my career goals.

I focused on my research experience because I felt that it was my comparative advantage over other applicants, whom I assumed were well-trained technically and had more prestigious alma maters.

Most programs asked for a writing sample. Some programs required at least 15 pages; some required at most 10 pages. In both cases, I used an excerpt from my most recent journal submission. For long samples, I excluded figures and tables, which happened to leave 15 pages. For short samples, I included only the first eight pages, which contained the introduction, literature review, method, and data sections. I always included a cover page describing the excerpt and stating the full paper’s abstract.

I could have submitted my honours thesis, which analysed a theoretical model of insurance and saving. However, I felt that my academic transcript signalled my technical skills adequately. Instead, I wanted my writing sample to demonstrate skills not demonstrated by other application materials: identifying interesting and important research questions, and synthesising literature.

Stanford and Yale asked me to explain how I would contribute to diversity on campus. My response to Stanford read as follows:

I grew up in Wakefield, a small rural town in New Zealand. I have been fortunate to attend university, to discover my passion for research, and to collaborate on research projects with economists from Europe and North America. These projects have benefited from the diverse ideas and experiences of my collaborators, which have increased the quality of our work. I am excited to continue engaging with ideas in an inclusive research environment as a graduate student at Stanford. I am also excited to share my cultural experiences in New Zealand with my Stanford classmates, and to learn about their experiences in other countries. Doing so will increase our understanding of how different cultural values shape economic and social outcomes. This understanding will enhance our ability to conduct globally relevant economic research that considers a range of perspectives.

After applying

Clicking “submit” on the online application forms began the long—about three month— wait for responses . In two cases, those responses were invitations for interviews ; in most cases, they were admissions decisions .

On waiting for responses, I offer three pieces of advice.

First, take a break . Applying to PhD programs takes many years of effort earning a degree, gaining research experience, building relationships with recommendation letter writers, completing the GRE, and preparing your applications. Make time to acknowledge and celebrate that effort.

Second, realise that there is nothing you can do (except, if invited, prepare for interviews) to change your admissions decisions. Worrying is futile. Instead, try to find fun and engaging ways to spend your time that take your mind off your applications. I ran a lot and worked on some blog posts.

Third, try to stay off Urch and TheGradCafe . In late January, people will start using those fora to share their anxiety and admissions results. You will, after months of waiting, be hungry for news. However, if you’re going to get good news then you will receive it from the program first. Programs generally send all acceptances at the same time (or, at least, on the same day). Thus, online fora can only deliver bad news: others received acceptance notifications but you did not.

As far as I know, only business schools conduct interviews. I interviewed for the business programs at Harvard and MIT, in late January and early February. Both interviews comprised discussing my research experience and interests, and why those interests are best pursued at a business school. The interviews lasted about fifteen minutes each and took place over Zoom.

Most programs sent admissions decisions in late February or early March. They were either acceptances, rejections, or being placed on a wait list. The program for which I was wait-listed was weaker than my best offer at the time, so I declined them promptly to help the market clear.

See here for more resources on economics PhD admissions. I found Susan Athey’s professional advice , Chris Blattman’s FAQs on PhD applications , and Abhishek Nagaraj’s guide to business PhD applications particularly helpful.

ECON-PHD - Economics (PhD)

Program overview.

The department’s purpose is to acquaint students with the economic aspects of modern society, to familiarize them with techniques for analyzing contemporary economic problems, and to develop an ability to exercise judgment in evaluating public policy. There is training for the general student and those who plan careers as economists in civil service, private enterprise, teaching, or research.

The department’s curriculum is integral to Stanford’s International Relations, Public Policy, and Urban Studies programs.

The faculty interests and research cover a broad spectrum of topics in most fields of economics, including behavioral economics, comparative institutional analysis, econometrics, economic development, economic history, experimental economics, industrial organization, international trade, labor, macro- and microeconomic theory, mathematical economics, environmental economics, and public finance.

The primary objective of the graduate program is to educate students as research economists. In the process, students also acquire the background and skills necessary for careers as university teachers and as practitioners of economics. The curriculum includes a comprehensive treatment of modern theory and empirical techniques. Currently, 20 to 25 students are admitted each year.

Graduate programs in economics are designed to ensure that students receive a thorough grounding in the methodology of theoretical and empirical economics while at the same time providing specialized training in a wide variety of subfields and a broad understanding of associated institutional structures. Toward these ends, the program is arranged so that the student has little choice in the curriculum at the outset but considerable latitude later.

Students admitted to graduate standing in the department are expected to have a strong college-level economics, mathematics, and statistics background. Preparation ordinarily consists of a college major in economics, a year-long calculus sequence that includes multivariate analysis, a course in linear algebra, and a rigorous course in probability and statistics. 

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Political Economics Requirements

I. preparation.

Admitted students are assumed to have some significant background in economics and/or political science. In addition, all students are required to have, or to obtain in the first year, skill in the use of the following mathematical methods:

Students are expected to have adequate computer programming skills. Knowledge of a computer language such as Fortran, C, or APL is sufficient. If students do not have adequate computer programming skills, they may learn this material on their own or take Stanford Computer Science course CS 106A: Programming Methodology by the summer following the first academic year, at the latest.

II. Course Requirements

All required courses must be taken for a grade (not pass/fail or credit/no credit). Exceptions are made if the required course is offered pass/fail or credit/no credit only. Each course must be passed with a grade of P or B- or better. Substitutions of required courses require approval from the faculty liaison. Waiving a course requirement based on similar doctoral level course completed elsewhere requires the approval of the course instructor, faculty liaison, and the PhD Program Office.

III. Practicum

PE students are required to attend PE seminars and the PE student research lunch, and sign up for either a research or teaching practicum every quarter of enrollment.

For the first year, the research practicum involves attending the Political Economy seminar and the PE student research lunch. For years two to five, the research practicum involves a research appointment with a faculty supervisor in addition to attending the Political Economy seminar and the PE student research lunch. Students will be assigned to a faculty member each quarter. The research practicum allows the students the opportunity to interact regularly with faculty and foster their professional development. A minimum of one quarter of teaching practicum (or course assistantship) is required during the student’s time in the program. The teaching practicum involves course preparation work with a faculty member in addition to attending the Political Economy seminar.

IV. Summer Research Papers

Each student is required to write a research paper each summer following the first and second year of study, and to present these papers to the faculty in an hour-long seminar during the autumn quarter of the second and third years, respectively. Successful completion of both papers is required for admission to candidacy.

V. Field Exam

Students are required to pass a field exam consisting of three parts:

• Political economy (covering material in POLECON 680, 681, 682)
• Microeconomics (covering material in the core microeconomic sequence)
• Econometrics (covering material in the core econometrics sequence)

Students take the field exam during the summer after their first year. In rare cases students may petition the faculty to defer taking the field exam to the summer after the second year. Per Stanford GSB policy, students who fail the exam are not guaranteed an opportunity to re-take the exam. At the faculty’s discretion, a student who fails the exam may be permitted to re-take the exam.

VI. Teaching Requirement

One quarter of course assistantship or teaching practicum. Requirement must be completed prior to graduation.

VII. Candidacy

Admission to candidacy for the doctoral degree is a judgment by the faculty of the student’s potential to successfully complete the requirements of the degree program. The procedure for making this assessment centers on a presentation by the student to his or her primary advisor and two other faculty members who are likely to become committee members. Students are expected to convene this meeting in the Spring of the third year. Students are required to advance to candidacy by September 1 before the start of their fourth year in the program.

VIII. University Oral Exam

The oral examination is a defense of the dissertation work in progress. The student orally presents and defends the thesis work in progress at a stage when it is one-half to two-thirds complete. The oral examination committee tests the student on the theory and methodology underlying the research, the areas of application and portions of the major field to which the research is relevant, and the significance of the dissertation research. Students are expected to complete the oral exam by the end of winter quarter of the fourth year and are required to successfully complete the oral exam by September 1 before the start of their fifth year in the program.

IX. Dissertation

The doctoral dissertation is an original contribution to scholarship or scientific knowledge, to exemplify the highest standards of the discipline, and to be of lasting value to the intellectual community. This generally involves the completion of three articles, although the specific format of the dissertation should be discussed between the student and his/her advisors. A maximum of one article can be co-authored with a faculty member. A minimum of one article must be solo-authored.

Typical Timeline

Years one & two.

• Field Requirements
• Directed Reading & Research
• Advancement to Candidacy
• Formulation of Research Topic
• Annual Evaluation
• Continued Research

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Predoctoral Research Fellowship Opportunities

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The SIEPR/Economics Predoctoral Research Fellows program offers a full-time one to two-year immersive research experience for post-baccalaureate individuals interested in pursuing advanced degrees and careers in economics, public policy, and related fields. Predoctoral research fellows (“predocs”) work with one or two SIEPR faculty mentors on research projects and have the opportunity to enroll in Stanford undergraduate and graduate level courses. Predocs additionally participate in a variety of professional development and social activities together.  

SIEPR/Economics Predoctoral Research Fellows Program

Fellows are appointed as non-matriculated graduate students and have the opportunity to fully engage in the intellectual life at Stanford University. They dedicate a significant portion of their time to an empirical research project and can take courses at Stanford University for credit (up to one 3-unit course per quarter). The fellowship offers tuition, health insurance, and a living stipend.

Meet our current Predoctoral Research Fellows

Hear from some SIEPR students

Diversity and Inclusivity

The SIEPR Predoctoral Research Fellows program is committed to creating inclusive research spaces for all. We value diverse backgrounds and perspectives and are a proud participant of  Pathways to Research and Doctoral Careers (PREDOC) . The goal of our program is to help foster the growth of the next generation of researchers in economics and public policy.

We seek applicants who have an interest in pursuing research related to economic policy and in learning cutting-edge research methods. Prior background is not strictly necessary; candidates interested in gaining exposure to the project areas of research are very welcome to apply. 

Qualifications

• Completion of a 4-year undergraduate degree by June 30, 2024. The degree should be a bachelor's, or foreign equivalent, in economics, statistics, applied mathematics, or a related field. 
• Strong quantitative background and interest in learning cutting-edge research methods.
• Creative and independent problem-solving skills.
• An interest in pursuing research related to economics and/or the project field of interest. However, prior background in these areas is not strictly necessary; candidates interested in gaining exposure to the project areas of research are very welcome to apply. 
• The programming experience required varies and will be outlined in the posting for each research project.

Apply to be a Fellow

Faculty Mentors

The program enables our faculty to expand their research capacity on policy-relevant topics. By expanding the talent pool from which future contributions to the economic policy will be made, we directly contribute to SIEPR’s mission of engaging future scholars in high-quality economic policy research.

See the current faculty mentors

Stanford Faculty interested in mentoring students through the program should consult our  Information for Faculty.

Please review our  frequently asked questions . If you have additional questions, email  [email protected] .

John B. Taylor

Mary and Robert Raymond Professor of Economics  at Stanford University George P. Shultz Senior Fellow in Economics at the Hoover Institution , Chair of Economic Policy Working Group , Co-Chair of Technology, Economics, and Governance Working Group , and Co-Chair of Stanford Emerging Technology Review

Contact Information    One-Page Bio    Curriculum Vitae    Photo    Other Pictures

Blog Economics One EconomicsOne.com Twitter @ EconomicsOne   Recent Books Getting Monetary Policy Back on Track , with Michael Bordo and John Cochrane (Eds.), Hoover Institution Press, March 1, 2024 Principles of Economics , Macroeconomics , and Microeconomics , Version 10.0, 2023, with Akila Weerapana, 2023 Principles of Economics , Version 9.1.1, 2023, with Akila Weerapana How Monetary Policy Got Behind the Curve--and How to Get Back , with Michael Bordo and John Cochrane (Eds.), Hoover Institution Press, 2023 Principles of Economics , Macroeconomics , and Microeconomics Version 9.1, 2021, with Akila Weerapana Choose Economic Freedom: Enduring Policy Lessons from the 1970s and 1980s , with George Shultz (Eds.), Hoover Institution Press, Stanford, CA, 2020 Strategies for Monetary Policy , with John Cochrane (Eds.), Hoover Institution Press, 2020 Reform of the International Monetary System: Why and How , MIT Press, 2019, based on Brunner lecture at SNB Currencies, Capital, and Central Bank Balances , with John Cochrane and Kyle Palermo (Eds.), Hoover Institution Press, Stanford, CA, 2019 Principles of Economics , Macroeconomics , and Microeconomics Version 8.0, 2017 Rules for International Monetary Stability , with Michael Bordo (Eds.), Hoover Institution Press, Stanford, CA, 2017 Handbook of Macroeconomics Vols. 2A and 2B , Table of Contents, with Harald Uhlig (Eds.), Elsevier Science, Amsterdam, 2016 Policy Stability and Economic Growth: Lessons from the Great Recession , with commentaries by Andrew Haldane, Patrick Minford, and Amar Radia, The Institute of Economic Affairs, London, U.K., 2016 Central Bank Governance and Oversight Reform , with John Cochrane (Eds.), Hoover Institution Press, 2016 Making Failure Feasible: How Bankruptcy Reform Can End "Too Big To Fail" , with Kenneth Scott and Thomas Jackson (Eds.), Hoover Institution Press, 2015 Inequality and Economic Policy: Essays in Memory of Gary Becker , with Tom Church and Chris Miller (Eds.), Hoover Institution Press, 2015 Frameworks for Central Banking in the Next Century , Special Issue of the Journal of Economic Dynamics and Control , with Michael Bordo and William Dupor (Eds.), Volume 49, December 2014, pp. 1-164 Across the Great Divide: New Perspectives on the Financial Crisis , with Martin Neil Baily (Eds.), Hoover Institution Press, Stanford, California, with the Brookings Institution, 2014 First Principles: Five Keys to Restoring America’s Prosperity , New Paperback Edition   (with new introduction), 2013, Hardcover or Kindle Edition , 2012 Bankruptcy Not Bailout: A Special Chapter 14 , with Kenneth Scott (Eds.) Hoover Institution Press, 2012, Hardcover on Amazon or Kindle version Government Policies and the Delayed Economic Recovery , with L. Ohanian and I. Wright, (Eds.), Hoover Institution Press, 2012, Hardcover on Amazon or   Kindle version   Ending Government Bailouts as We Know Them , with Kenneth Scott and George Shultz (Eds.) 2010, Hardcover or Kindle or Download Chapters in PDF Formats The Road Ahead for the Fed with John Ciorciari (Eds.) 2009 Hardcover or Kindle or Download Chapters in PDF Formats Getting Off Track   How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis Kindle edition , February 2009 GlobalFinancialWarriors.com The Untold Story of International Finance in the Post-9/11 World Paperback Edition , 2008   Interviews and Biographical Renowned Economist John Taylor to Speak at Alma Mater, Shady Side Academy, Graduation, TribLive.com, May 25, 2023 Stanford University's John Taylor Addresses Inflation: Fed Needs Consistent Policy, Jacksonville Daily Record , May 17, 2023 Atlas Club Briefing, Atlas Network , interview with Roberto Salinas-Leon, Liberty Forum and Dinner, November 12, 2020 Economic Policy Challenges for the Next President UCLA Economics , October 27, 2020 Dallas Fed Global Perspectives , an interview by Robert Kaplan, Oct 22, 2020 The ECB's Monetary Policy Strategy: Lessons From the Financial Crisis, Debt Crisis and Double Recession , The ECB and Its Watchers XXI , Panel with Otmar Issing and Petra Geraats, September 30, 2020 The Role of Rules-Based Monetary Policy in the Face of Increasing Deficits and Debt , BB&T Global Capitalism Lecture, University of North Carolina, Wilmington, October 21, 2019 Economics in Central Banking Award , Centralbanking.com , March 2016 Interview on Monetary Policy , Boersen-Zeitung , October 20, 2016, with English translation Interview on Lessons from the Financial Crisis , with Steve Cecchetti and Kim Schoenholtz, Money and Banking, November 23, 2015 Game Changers Interview , MONEY Magazine, August 2012 Interview on Research on Policy and the Response to the Crisis , Region Focus , Federal Reserve Bank of Richmond, First Quarter 2012, pp,29-33. Interview on Economic Policy , Citadel Conversation, June 2012 Fiscal Follies, Monetary Mischief , Barron’s Interview with Gene Epstein, April 2012 Interview on Teaching Economics with Simon Bowmaker , in The Heart of Teaching Economics: Lessons from Leading Minds, 2011   Bradley Prize Recipient 2010 , Speech at the Award Ceremony at John F. Kennedy Center , Written version of acceptance remarks One Economist’s Solution for Financial Reform and Government Policy and the Recovery , Interviews with Motley Fool , March 2010   The Quest for Rules , Interview in Finance and Development , International Monetary Fund, March 2008   Adam Smith Award , National Association of Business Economics, September 2007 NZZ Profile on Monetary Policy , Translation , Neue Zurcher Zeitung , Zurich, September 2007 Back to the World of Ideas, About returning to research and teaching after Washington, Stanford Magazine, January/February 2007 Interview on Global Imbalances and Monetary Policy Rules , Special Report, Citigroup Global Economic and Market Analysis, 2006 Interview on Monetary Research and Policy , From The Region , Federal Reserve Bank of Minneapolis, June 2006 Shorter Interview on Monetary Research and Policy , From Hoover Digest , Fall 2006, adapted from The Region Profile on International Policy Making , From The Washington Diplomat, December 2005 Interview about Research in the 1990s , From Conversations with Leading Economists, 1999 Profile on Teaching , From Stanford Today, 1998   Books and Collections of Articles on Monetary Policy and International Finance From the Past to the Future: Ideas and Actions for a Free Society , The Mont Pelerin Society, John B. Taylor (Ed.), 2020 The Taylor Rule and the Transformation of Monetary Policy , Even Koenig, Robert Leeson, and George Kahn (Eds.), Stanford: Hoover Press, 2012 Contributions to Macroeconomics in Honor of John Taylor , Journal of Monetary Economics, Forward ,Vol. 55, pp. S1-S126, October 2008. Dallas Fed Conference on “John Taylor’s Contributions to Monetary Theory and Policy,” October 2007 Policies in International Finance 2001-2005 : Speeches and testimony given as Treasury Under Secretary with short background pieces, 2005 Monetary Policy Rules Home Page Conference Recognizing 10th Anniversary of the Taylor Rule (Nov 2002) Conference Volume , Journal of Monetary Economics Vol. 50, No. 5 Monetary Policy Rules , (Editor), University of Chicago Press, 1999 Macroeconomic Policy in a World Economy also available on line   WW Norton Inflation, Unemployment, and Monetary Policy , (with Robert Solow), MIT Press Handbook of Macroeconomics , (Editor with Michael Woodford)   Recent Papers Monetary Aspects of, and Implications for, Federalism, in Perspectives on Federalism, Michael Boskin (Ed.), Hoover Institution Press, forthcoming 2024 Forward Commodities as an Asset Class, Palgrave Macmillan, Edited by Alan G. Futerman and Ivo A. Sarjanovic, 2022, pp. vii-ix. Interest Rate Policy in Essays in Honor of Marvin Goodfriend: Economist and Central Banker, Robert G. King and Alexander L. Wolman (Eds.), Federal Reserve Bank of Richmond 2022, pp. 303-313. The Effect of the Rescue Plans and the Need for Policies to Increase Economic Growth , Journal of Policy Modeling , Elsevier, vol. 44(4), pages 768-779, July-August, 2022 Forward to Mont Pelerin 1947: Transcripts of the Founding Meeting of the Mont Pelerin Society, Bruce Caldwell (Editor), 2021 The Euro in Perspective , Chapter 11 of The Liberal Heart of Europe - Essays in Memory of Alberto Giovannini, Palgrave-Macmillan, 2021, pp. 121-133 The Impact of the Coronavirus on Economic Policy and the Economy, Journal of Policy Modeling , Vol 43 (4), July-August 2021, pp. 761-769 Preface to Istituto Bruno Leoni's A Monetary History of the United States 1867-1960 , Milton Friedman and Anna Jacobson Schwartz, 2021 Reflections on Monetary Policy and Its Future , with Jeb Hensarling and Phil Gramm, Cato Journal , Vol. 41, No. 2, Spring/Summer 2021, pp. 213-223 The Economic Impact of the Economic Impact Payments, Hoover Economics Working Paper 21109 , May 2021 The Optimal Reentry to a Monetary Policy Strategy , presented at the Graduate Center, City University of New York, April 13, 2021 Policy Anticipation Effects in New Keynesian Models , with Vadym Lepetyuk, Lilia Maliar, and Serguei Maliar, Hoover Economics Working Paper 21106 , March 15, 2021 The Legacy of Paul Volcker , with Sheila Bair and Donald Kohn, Business Economics , pp. 20-28, Vol. 56, January 2021 Simple Monetary Rules: Many Strengths and Few Weakenesses , European Journal of Law and Economics, January 12, 2021 Removing New Obstacles to Free Trade , Great Decisions "America in the World", 2020 A Tractable Framework for Analyzing a Class of Nonstationary Markov Models , with Lilia Maliar, Serguei Maliar, and Inna Tsener, Quantitative Economics, Volume 11, Issue 4, November 2020, pp. 1289-1323 The ECB's Monetary Policy Strategy Going Forward , Debate 3, The ECB's Monetary Policy Strategy, The ECB and Its Watchers XXI Conference, September 30, 2020. pp. 83-88, Q&A pp. 89-93 A Pro-Growth Fiscal Consolidation Plan for the United States , with John Cogan and Daniel Heil, Hoover Economics Working Paper 20114 , July 9, 2020 Preface , to Strategies for Monetary Policy, with John Cochrane (Eds.), Hoover Institution Press, 2020 Evaluating Rules in the Fed's Report and Measuring Discretion , Strategies for Monetary Policy, with John Cochrane (Eds.), Hoover Institution Press, 2020 Capital Flows, the IMF's Institutional View, and An Alternative , Currencies, Capital, and Central Bank Balances, John Cochrane, Kyle Palermo, and John B. Taylor (Eds.), Hoover Institution Press, 2019 Strengthening the Rules-Based International Monetary System , Revitalizing the Spirit of Bretton Woods, @75 Compendium 2019, pp. 170-176 Comments on "The Fed's Current Framework for Monetary Policy by Eberly, Stock and Wright" , Conference on Monetary Policy Strategy, Tools, and Communication Practices (A Fed Listens Event), Federal Reserve Bank of Chicago, slides only, June 4, 2019 Removing Obstacles on the Path to Economic Freedom , Dinner speech at Mont Pelerin Society, May 22, 2019 Monetary Policy Rules for Efficiency and Liberty , Dallas-Fort Worth Mont Pelerin Society Meeting, May 20, 2019 Inflation Targeting in High Inflation Emerging Economies: Lessons About Rules and Instruments , Journal of Applied Economics , 22 (1), 2019, pp. 102-115. Less Recent Papers 1968-2018   Recent Congressional Testimony Fiscal State of the Union , Testimony before the Committee on the Budget, U.S. House of Representatives, March 29, 2023 Testimony on Inflation: A Preventable Crisis , Testimony before the Subcommittee on Health Care and Financial Services, Committee on Oversight and Accountability, U.S. House of Representatives, March 9, 2023 The Economic Costs of Rapidly Growing Federal Government Debt , Testimony before the Committee on the Budget, U.S. House of Representatives, Nov 20, 2019 Testimony on the Financial Institution Bankruptcy Act , Testimony before the Subcommittee on Regulatory Reform, Commercial and Antitrust Laws, Committee on the Judiciary, U.S. House of Representatives, March 23, 2017 Sound Monetary Policy , Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services, U.S. House of Representatives, March 16, 2017 Unconventional Monetary Policy, Normalization, and Reform , Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services, U.S. House of Representatives, December 7, 2016 Interest on Reserves and the Fed's Balance Sheet , Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services, U.S. House of Representatives, May 17, 2016 The Greek Economic Crisis and Lessons Learned , Testimony before the Subcommittee on Europe and Regional Security Cooperation, Committee on Foreign Relations, U.S. Senate, July 29, 2015 How Bankruptcy Reform Can Address "Too Big to Fail" , Testimony before the Subcommittee on Financial Institutions and Consumer Protection, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, July 29, 2015 Federal Reserve Reform Proposals , Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services, U.S. House of Representatives, July 22, 2015 Recent Trends in Federal Reserve Transparency and Accountability , Testimony Before The Oversight and Investigations Subcommittee, Committee on Financial Services, U.S. House of Representatives, July 14, 2015 The Economic Effects of a Fiscal Consolidation Strategy , Testimony before the Committee on the Budget, U.S. House of Representatives, June 17, 2015 IMF Reforms and Global Economic Stability , Testimony before the Committee on Financial Services, U.S. House of Representatives, June 17, 2015 Requirements for the Fed to Describe Its Strategy , Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 3, 2015 Less recent testimonies   Papers on the Long Boom and the Great Moderation Monetary Policy and the Long Boom Remarks on "Recent Changes in Trend and Cycle" The Long Boom: Sosa, McGwire, and Greenspan (slides)   Op-Eds and Articles Abstract of the Introduction to the Italian Edition of Friedman and Schwartz , Corriere della Sera , October 10, 2022 The Fed's State of Exception , Project Syndicate , August 12, 2021 Is the Fed Getting Burned Again? , Project Syndicate , June 25, 2021 The Stimulus Didn't Work, Again , Project Syndicate , June 2, 2021 America's Excessive Government Spending Must Stop , Project Syndicate , with George P. Shultz and John F. Cogan, February 23, 2021 What George Shultz Taught Us About Making Policy , Wall Street Journal , with John F. Cogan, February 10, 2021 Those $2,000 Checks Won't Boost the Economy , Wall Street Journal , with John F. Cogan, January 15, 2021 A Stampede from Silicon Valley , Project Syndicate , December 28, 2020 A Monetary Mind at the Treasury , Project Syndicate , December 4, 2020 Who's Afraid of Rules-Based Monetary Policy? , Project Syndicate , October 16, 2020 Trump's Economic Dream Come True , with John F. Cogan, Wall Street Journal , October 6, 2020, with follow up The Importance of Economic Policy in the 2020 Election Obstacles To Free-Market Capitalism That Help Make Way For Socialism, Hoover Human Prosperity Project , September, 2020 Choose Economic Freedom, Hoover Digest , Fall, 2020, No, 4, pp 65-69 In-Person and Online Learning Go Together , with Jack Mallery, SIEPR Policy Brief , August, 2020 School Choice Is the Only Option , Project Syndicate , August 3, 2020 A Payroll Tax Holiday Will Get Americans Back to Work , Scott Minerd with contributions by John Taylor, Financial Times , July 26, 2020 Broadband for All , with Jack Mallery, Project Syndicate , June 29, 2020 The Real Economic Opening We Need , Project Syndicate , May 29, 2020 Lessons from Crises Past , with George Shultz and Michael Boskin, Project Syndicate , April 8, 2020 Toward a Coherent Economic Strategy for COVID-19 , Project Syndicate , March 26, 2020 Some Thoughts on the Business Roundtable's Statement of Corporate Purpose , with John Cogan, George Shultz and Michael Boskin , Real Clear Markets , February, 2020 The New-Old Threat to Economic Freedom , Project Syndicate , February, 2020 Restoring Fiscal Order in the United States , Project Syndicate , January, 2020 Economic Instruments And National Security Goals , Strategica , Issue 61, December 20, 2019 Paul Volcker Was Inflation's Worst Enemy , Wall Street Journal , December 9, 2019 The new IMF head should not be dictated by the tired, old, EU order , Financial Times , August 11, 2019 How to Improve Education, Housing , with Lee Ohanian , San Francisco Chronicle , February 5, 2019 Less recent op-eds and articles   Videos of Interviews and Talks Economic Tradeoffs: How BAD Policies Collapsed the Economy & More Let People Prosper Show , with Dr. Vance Ginn, March 4, 2024 John Taylor Says Inflation Still Too High for Fed to Cut Rates Central Bank Central , with Kathleen Hays, February 16, 2024 Fed Holds Rates Steady Again Bloomberg Markets, The Close , December 13, 2023, 35:13-44:59 The Fed Is on the Right Track, with Inflation on Its Way Down, Says Stanford's John Taylor CNBC The Exchange , September 21, 2023 Fed Holds in 5.25-5.5% Target Range Bloomberg Markets, The Close , September 20, 2023, 1:04:21-1:09:09 Taylor: Fed Will Probably Have to Go a Little More to Fight Inflation Bloomberg Markets, The Close , July 26, 2023 John Taylor on Fed's Hawkish Pause Bloomberg, Daybreak Asia , June 14, 2023 What Can the US Government Do to Control Inflation? The American Lyceum Debate, with Tim Kane, Brad DeLong, and Garett Jones, June 8, 2023 Graduation Address Shady Side Academy, Pittsburgh, PA, June 2, 2023 Panel on "How to Conduct Monetary Policy amid Higher Inflation and a Nonbinding Zero (Effective) Lower Bound?" Federal Reserve Bank of Atlanta Conference, Amelia Island, Florida, May 15, 2023, 48:52-1:02:12 The Fed Needs 'to Do a Little More' with Rate Hikes Says Stanford Professor John Taylor CNBC Squawk Box , May 30, 2023 30th Anniversary of the Taylor Rule Bloomberg Markets, The Close , May 12, 2023, 0:02:46-0:11:08 US Inflation Pressures Persist, Reinforcing Case for Fed Hike in May Bloomberg Markets, The Close , April 28, 2023, 1:55:42-2:01:14 Is the US Headed Toward a Deep Recession? Fox Business, The Bottom Line , March 17, 2023 It's Best They Stick to The Path They've Been Talking About Bloomberg Markets, The Close , March 14, 2023 Where Should the Fed Funds Rate Be to Combat Inflation? Fox Business Larry Kudlow , March 10, 2023 The Fed Is Paying More Attention to the Taylor Rule CNBC The Exchange , March 3, 2023 How Monetary Policy Got Behind the Curve--and How to Get Back to Rules-Based Policy: A discussion with John B. Taylor Independent Evaluation Office (IEO) of the IMF Webinar Series, February 28, 2023 Lunch Keynote - The Credibility of Government Policies: Conference in Honor of Guillermo Calvo Columbia University, NY, NY, February 23, 2023 John B. Taylor on Bloomberg Markets, the Close Bloomberg Markets, The Close , February 14, 2023, 4:00-11:13 Stanford University's Taylor Fed Decision Bloomberg Markets, China Open , February 1, 2023 John B. Taylor on Bloomberg Markets, the Close Bloomberg Markets, The Close , January 6, 2023 U.S. Inflation Is Not Low Enough for the Fed Bloomberg Markets, The Close , December 13, 2022 John B. Taylor on Bloomberg Markets, the Close Bloomberg Markets, The Close , December 2, 2022 The Fed Needs to Catch Up to Inflation Without Surprising Markets, Says Stanford's John Taylor CNBC Squawk Box , September 29, 2022 The Myth of American Inequality: How Government Biases Policy Debate Discussion between former Senator Phil Gramm, John Early and John B. Taylor, on Senator Gramm's and Mr. Early's latest book co-authored by Robert Ekelund, Hoover Book Club , September 26, 2022 The Taylor Rule and the Federal Funds Rate Bloomberg Markets: Triple Take , September 1, 2022, 1:56-7:48 John Taylor on Jackson Hole and the Fed Bloomberg Daybreak: Asia' Full Show , August 23, 2022, 14:14-17:34 John Taylor on Federal Reserve policy and the state of the U.S. economy Bloomberg Daybreak: Australia , August 22, 2022 John B. Taylor on the Fed and the Economy CNBC, The Exchange , May 9, 2022 John B. Taylor, Hoover Institution Monetary Policy Conference Bloomberg Markets, The Close , May 6, 2022, 2:55-10:57 Mont Pelerin 1947: Transcripts of the Founding Meeting of the Mont Pelerin Society with Bruce Caldwell and Bill Whalen, Hoover Book Club , April 12, 2022 Are We Entering a New Era of High Inflation Address at the Institute of International and European Affairs , April 11, 2022 Stanford Professor Says the Fed Is Getting Further Behind on Rates CNBC Squawk Box Asia , March 20, 2022 The Fed Moved in the Right Direction But It's Not Enough To Address Inflation, Says Stanford Professor John Taylor CNBC The Exchange , March 18, 2022 Economy Is Strong but Inflation Is Too High, Says Stanford Professor John Taylor CNBC The Exchange , February 25, 2022 Stanford's Taylor: Fed is Off-Track, Needs to Adjust Bloomberg Markets: What'd You Miss? , January 26, 2022 Less recent videos of interviews and talks   Podcasts John Taylor on the Fed and the Economy June 24, 2023, Larry Kudlow Show, 77 WABC . John Taylor on monetary economics, the Taylor Rule, fiscal policy and economic growth March 13, 2023, Capitalism and Freedom in the 21st Century , with Jon Hartley. US Federal Reserve Ups Interest Rates September 21, 2022, RN Breakfast, ABC , with Patricia Karvelas. John Taylor on Jackson Hole August 22, 2022, Surveillance, Bloomberg Day Break Asia , with Bryan Curtis and Rishaard Salamat. Mont Pelerin 1947: Transcripts of the Founding Meeting of the Mont Pelerin Society April 12, 2022, Hoover Book Club , with Bruce Caldwell and Bill Whalen. John Taylor on the U.S. Economy, March 20, 2022, Money Talk, RTHK Radio 3 (17:55-28:38) Apple Podcast John Taylor on Inflation, the Fed, and the Taylor Rule, January 24, 2022, EconTalk Rebuilding of the U.S. Economy in the Post-Pandemic Era, January 13, 2021, tbs eFM This Morning Monetary Policy Rules with Cartoons of Greenspan, Volcker and Taylor, November 2019, Policy Ed. The Danger of Regulatory Capture October 11, 2018, Policy Ed. Too Much Talk Can Lower Transparency, Taylor Says December 16, 2016, Surveillance, Bloomberg Radio (29:15). John Taylor on the John Batchelor Show December 13, 2016, John Batchelor Show(19:01). Taylor on Bloomberg Surveillance August 29, 2016, Surveillance, Bloomberg Radio (43:42). Bank of America/Merrill Lynch Walter E. Hoadley Annual Economic Forecast January 29, 2016, The Commonwealth Club of California Taylor on Bloomberg Surveillance October 7, 2015, Surveillance, Bloomberg Radio (24:01). Taylor on Hays Advantage March 19, 2015, Hays Advantage, Bloomberg Radio. John Taylor on the John Batchelor Show March 10, 2015 John Bachelor Show. Taylor on the Hugh Hewitt Show March 4, 2015, Hugh Hewitt, Radio Show. Less recent podcasts   Economics Teaching The Impact of the Pandemic and Lasting Lessons for Teaching Economics , Conference on Teaching and Research on Economic Education, June 4, 2021 Monetary Theory and Policy Lecture Slides and Syllabus for Stanford Ph.D. course, Spring 2013 Lessons From the Financial Crisis for Teaching Economics , Slide Presentation for AEA Conference on Teaching. June 2011 Economics 1A   Debt Charts from Lecture 2 , S&P 500 Box , Adam Smith on the Woolen Coat ; Smith Bio , The Role of Private Organizations , Rose Friedman , McKinnon on China , Lehman Weekend , JPMorgan-Money Multiplier , Monetary Imbalance Table-GDW , Phelps On Tunisia , Shultz on Steady as You Go , Requirements for Policy Rules for the FOMC Caps for Sale: The Economic Side of the Story Stanford Economics Graduation, June 2008 Remarks at Stanford Economics Graduation Ceremony 1999 Economics 169, Spring 2008 Economics 212, Spring 2008 Ideas for the Economics Lecture Innovative Techniques for Teaching Economics Surprise Side Economics: Ideas for Introductory Economics Teaching Modern Macroeconomics at the Principles Level   Earlier Editions of Textbooks Principles of Economics , Macroeconomics , and Microeconomics Seventh Edition, South-Western, Cengage Learning Macroeconomics: Principles and Practice , Text for Australian Economy with Bruce Littleboy , Edition 2, John Wiley Microeconomics: Principles and Practice , Text for Australian Economy with Bruce Littleboy , Edition 2, John Wiley Handbook of Macroeconomics , (Editor with Harald Uhlig) Handbook of Macroeconomics , (Editor with Michael Woodford) Macroeconomics Intermediate Text with Robert E. Hall and David Papell, Sixth Edition, WW

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Four from MIT named 2024 Knight-Hennessy Scholars

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MIT senior Owen Dugan, graduate student Vittorio Colicci ’22, predoctoral research fellow Carine You ’22, and recent alumna Carina Letong Hong ’22 are recipients of this year’s Knight-Hennessy Scholarships. The competitive fellowship, now in its seventh year, funds up to three years of graduate studies in any field at Stanford University. To date, 22 MIT students and alumni have been awarded Knight-Hennessy Scholarships.

“We are excited for these students to continue their education at Stanford with the generous support of the Knight Hennessy Scholarship,” says Kim Benard, associate dean of distinguished fellowships in Career Advising and Professional Development. “They have all demonstrated extraordinary dedication, intellect, and leadership, and this opportunity will allow them to further hone their skills to make real-world change.”

Vittorio Colicci ’22

Vittorio Colicci, from Trumbull, Connecticut, graduated from MIT in May 2022 with a BS in aerospace engineering and physics. He will receive his master’s degree in planetary sciences this spring. At Stanford, Colicci will pursue a PhD in earth and planetary sciences at the Stanford Doerr School of Sustainability. He hopes to investigate how surface processes on Earth and Mars have evolved through time alongside changes in habitability. Colicci has worked largely on spacecraft engineering projects, developing a monodisperse silica ceramic for electrospray thrusters and fabricating high-energy diffraction gratings for space telescopes. As a Presidential Graduate Fellow at MIT, he examined the influence of root geometry on soil cohesion for early terrestrial plants using 3D-printed reconstructions. Outside of research, Colicci served as co-director of TEDxMIT and propulsion lead for the MIT Rocket Team. He is also passionate about STEM engagement and outreach, having taught educational workshops in Zambia and India.

Owen Dugan, from Sleepy Hollow, New York, is a senior majoring in physics. As a Knight-Hennessy Scholar, he will pursue a PhD in computer science at the Stanford School of Engineering. Dugan aspires to combine artificial intelligence and physics, developing AI that enables breakthroughs in physics and using physics techniques to design more capable and safe AI systems. He has collaborated with researchers from Harvard University, the University of Chicago, and DeepMind, and has presented his first-author research at venues including the International Conference on Machine Learning, the MIT Mechanistic Interpretability Conference, and the American Physical Society March Meeting. Among other awards, Dugan is a Hertz Finalist, a U.S. Presidential Scholar, an MIT Outstanding Undergraduate Research Awardee, a Research Science Institute Scholar, and a Neo Scholar. He is also a co-founder of VeriLens, a funded startup enabling trust on the internet by cryptographically verifying digital media.

Carina Letong Hong ’22

Carina Letong Hong, from Canton, China, is currently pursuing a JD/PhD in mathematics at Stanford. A first-generation college student, Hong graduated from MIT in May 2022 with a double major in mathematics and physics and was inducted into Sigma Pi Sigma, the physics honor society. She then earned a neuroscience master’s degree with dissertation distinctions from the University of Oxford, where she conducted artificial intelligence and machine learning research at Sainsbury Wellcome Center’s Gatsby Unit. At Stanford Law School, Hong provides legal aid to low-income workers and uses economic analysis to push for law enforcement reform. She has published numerous papers in peer-reviewed journals, served as an expert referee for journals and conferences, and spoken at summits in the United States, Germany, France, the U.K., and China. She was the recipient of the AMS-MAA-SIAM Morgan Prize for Outstanding Research, the highest honor for an undergraduate in mathematics in North America; the AWM Alice T. Schafer Prize for Mathematical Excellence, given annually to an undergraduate woman in the United States; the Maryam Mirzakhani Fellowship; and a Rhodes Scholarship.

Carine You ’22

Carine You, from San Diego, California, graduated from MIT in May 2022 with bachelor’s degrees in electrical engineering and computer science and in mathematics. Since graduating, You has worked as a predoctoral research assistant with Professor Amy Finkelstein in the MIT Department of Economics, where she has studied the quality of Medicare nursing home care and the targeting of medical screening technologies. This fall, You will embark on a PhD in economic analysis and policy at the Stanford Graduate School of Business. She wishes to address pressing issues in environmental and health-care markets, with a particular focus on economic efficiency and equity. You previously developed audio signal processing algorithms at Bose, refined mechanistic models to inform respiratory monitoring at the MIT Research Laboratory of Electronics, and analyzed corruption in developmental projects in India at the World Bank. Through Middle East Entrepreneurs of Tomorrow, she taught computer science to Israeli and Palestinian students in Jerusalem and spearheaded an online pilot expansion for the organization. At MIT, she was named a Burchard Scholar.

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Luca Moreno Louzada

Graduate, economics.

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• Work [email protected] University - Student Department: Economics Position: Graduate