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About the Author(s)

Alan M. Taylor

Alan M. Taylor is a research associate in the NBER Programs on International Finance and Macroeconomics, Development of the American Economy, and International Trade and Investment. A professor of economics and finance at the University of California, Davis, he read mathematics at King's College, Cambridge, and holds a PhD in economics from Harvard University.

Taylor currently serves as a co-editor of the Journal of International Economics. In 2004 he was a Guggenheim Fellow, and in 2009–10 a Houblon-Norman/George Fellow at the Bank of England. He worked as a senior adviser at Morgan Stanley in 2010–11.

Taylor's research interests span international economics, macroeconomics, finance, growth, development, and economic history. His first book, Global Capital Markets: Integration, Crisis, and Growth, written with Maurice Obstfeld, examined the evolution of the international financial system; his second, Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935, written with Gerardo della Paolera, tells the story of Argentina's first convertibility experiment.

Over the last decade, in collaboration with Moritz Schularick and Òscar Jordà, Taylor has focused on the macro-financial history of advanced economies in the last 150 years. This work produced new datasets on aggregate credit, bank balance sheets, and asset prices, and linked these to other macroeconomic data to enable study of the causes and consequences of financial crises, the role of leverage and asset bubbles, and the rates of return on major asset classes.


1. M. Schularick and A. Taylor, "Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008," American Economic Review, 102(2), 2012, pp. 1029–61; Ò. Jordà, M. Schularick, and A. Taylor, "When Credit Bites Back: Leverage, Business Cycles, and Crises," Journal of Money, Credit, and Banking, 45(s2), 2013, pp. 3–28; Ò. Jordà, M. Schularick, and A. Taylor, "Leveraged Bubbles," Journal of Monetary Economics, 76(s), 2015, pp. s1–20; Ò. Jordà, M. Schularick, and A. Taylor, "Betting the House," Journal of International Economics, 96(s1), 2015, pp. s2–18; Ò. Jordà, M. Schularick, and A. Taylor, "The Great Mortgaging: Housing Finance, Crises, and Business Cycles," Economic Policy, 31(85), 2016, pp. 107–52. Go to ⤴︎
2. Ò. Jordà, M. Schularick, and A. Taylor, "Macrofinancial History and the New Business Cycle Facts," in M. Eichenbaum and J. Parker, eds., NBER Macroeconomics Annual 2016, Vol. 31, Chicago: University of Chicago Press, 2017. Go to ⤴︎
3. Ò. Jordà, K. Knoll, D. Kuvshinov, M. Schularick, and A. Taylor, "The Rate of Return on Everything, 1870–2015," NBER Working Paper 24112, December 2017.   Go to ⤴︎
4. T. Piketty, Capital in the Twenty-First Century, Cambridge, Mass.: Harvard University Press, 2014; R. Goldsmith, Comparative National Balance Sheets: A Study of Twenty Countries, 1688–1978, Chicago: University of Chicago Press, 1985.   Go to ⤴︎
5. K. Holston, T. Laubach, and J. Williams, "Measuring the Natural Rate of Interest: International Trends and Determinants," Journal of International Economics, 108(s1), 2017, pp. s59–75.   Go to ⤴︎
6. R. Mehra and E. Prescott, "The Equity Premium: A Puzzle," Journal of Monetary Economics, 15(2), (1985), pp. 145–61.   Go to ⤴︎
7. M. Rognlie, "Deciphering the Fall and Rise in the Net Capital Share," Brookings Papers on Economic Activity, 46(1), 2015, pp. 1–69. Go to ⤴︎

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