stanford econ phd reddit

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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Economic Analysis & Policy

Our doctoral program in the field of economic analysis and policy prepares students for research careers in economics. The program offers rigorous training and has several distinct advantages:

Low Student-to-Faculty Ratio

First, enrollment in the program is small. This encourages close faculty-student contact and allows students to become involved in research very early. Students work first as assistants on faculty research projects and, as their interests and skills develop, on their own research. Students often begin their publishing careers before completing their degrees.

Flexible and Innovative Program

Second, the program is flexible and innovative; students can draw on both the school’s and the university’s distinguished faculty. In addition to the faculty in the economics group at Stanford GSB and in the university’s economics department, students have access to faculty in political and behavioral sciences; accounting and finance; mathematics, statistics, and computer science; and many other disciplines.

A Top-Ranked School

Third, the program is part of a top-ranked professional school. This setting allows students to gain a deeper understanding of the actual processes of business decision-making and public policy formulation.

Preparation and Qualifications

Students who enroll in this program have a substantial background in economics and mathematics. They are expected to have, minimally, mathematical skills at the level of one year of advanced calculus and one course each in linear algebra, analysis, probability, optimization, and statistics.

The faculty selects students based on predicted performance in the program. Evidence of substantial background or ability in the use of mathematical reasoning and statistical methods is important. Most successful applicants had quantitative undergraduate majors in economics, mathematics, or related sciences.

In addition to evidence of ability and letters of recommendation, the faculty considers carefully the applicant’s statement of purpose for pursuing the PhD degree. The successful applicant usually has clearly defined career goals that are compatible with those of the program.

Acceptance into the program is extremely competitive. Admitted applicants compare very favorably with students enrolled in the top economics departments of major universities.

Economic Analysis & Policy Faculty

Mohammad akbarpour, claudia allende santa cruz, susan athey, lanier benkard, jeremy i. bulow, modibo khane camara, sebastian di tella, rebecca diamond, yossi feinberg, guido w. imbens, charles i. jones, michael ostrovsky, garth saloner, yuliy sannikov, kathryn shaw, andrzej skrzypacz, paulo somaini, juan carlos suárez serrato, takuo sugaya, christopher tonetti, shoshana vasserman, ali yurukoglu, weijie zhong, emeriti faculty, alain c. enthoven, robert j. flanagan, david m. kreps, peter c. reiss, john roberts, a. michael spence, robert wilson, recent publications in economic analysis & policy, an economic framework for vaccine prioritization, pricing power in advertising markets: theory and evidence, career: a foundation model for labor sequence data, recent insights by stanford business, nine stories to get you through tax season, a.i. can help “personalize” policies to reach the right people, stanford gsb faculty share their holiday reading lists, placement director.

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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.

John Taylor

Mary and robert raymond professor, george p. shultz senior fellow of economics at the hoover institution and senior fellow at the stanford institute for economic policy research.

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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. He served as senior economist on the President’s Council of Economic Advisers from 1976 to 1977, as a member of the President’s Council of Economic Advisers from 1989 to 1991. He was also a member of the Congressional Budget Office’s Panel of Economic Advisers from 1995 to 2001. Taylor served as a member of the California Governor’s Council of Economic Advisors from 1996-98 and 2005-10. 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 latest book is First Principles: Five Keys to Restoring Americas’ Prosperity, 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.

Academic Appointments

• Professor, Economics
• Hoover Senior Fellow, Hoover Institution
• Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR)

Administrative Appointments

• Mary and Robert Raymond Professor of Economics, Stanford University (1993 - Present)
• Professor of Economics, Stanford University (1984 - 1993)
• Senior Fellow, Stanford Institute for Economic Policy Research (1997 - Present)
• Senior Fellow, Stanford Center for International Development, Stanford University (2005 - Present)
• George P. Shultz Senior Fellow in Economics, Hoover Institution at Stanford University (2010 - Present)
• Bowen H. and Janice Arthur McCoy Senior Fellow, Hoover Institution at Stanford University (1996 - 2010)
• Professor of Economics and Public Affairs, Princeton University, Department of Economics, Woodrow Wilson School (1980 - 1984)
• Visiting Professor of Economics, Yale University, Department of Economics and Cowles Foundation (1980 - 1980)
• Professor of Economics, Columbia University, Department of Economics (1979 - 1980)
• Associate Professor of Economics, Columbia University, Department of Economics (1977 - 1979)
• Assistant Professor of Economics, Columbia University, Department of Economics (1973 - 1977)

Honors & Awards

• National Association of Business Economics Adolph G. Abramson Award, Business Economics (2013)
• Hayek Prize, Manhattan Institute for Policy Research (2012)
• Bradley Prize for contributions to research and policy, Lynde and Harry Bradley Foundation (2010)
• Adam Smith Award for contributions to economic research, National Association for Business Economics (2007)
• George P. Shultz Public Service Award, Stanford University (2005)
• Alexander Hamilton Award for leadership in international finance, United States Treasury (2005)
• Distinguished Service Award, United States Treasury (2004)
• Medal of the Oriental Republic of Uruguay, Oriental Republic of Uruguay (2002)
• Lilian and Thomas B. Rhodes Prize, Lilian and Thomas B. Rhodes (1996)
• Laurence and Naomi Carpenter Hoagland Prize, Laurence and Naomi Carpenter Hoagland (1991)
• Fellow, American Academy of Arts and Sciences (1992-)
• Fellow, Econometric Society (1985-)
• Fellow, Guggenheim Foundation (1983-1984)
• Fellowship, Social Science Research Council (1975-1976)
• Wolf Balleisen Memorial Prize for Best Senior Thesis in Economics, Princeton University (1968)

Boards, Advisory Committees, Professional Organizations

• Director, Introductory Economics Center (1997 - 2001)
• Director, Introductory Economics Center (2011 - Present)
• Director, Stanford Institute for Economic Policy Research (SIEPR) (1994 - 1997)
• Director, Monetary Policy and Macroeconomic Program at Stanford Institute for Economic Policy Research (1992 - 2001)
• Chair, Working Group on Economic Policy (2007 - Present)
• Under Secretary for International Affairs, United States Treasury (2001 - 2005)
• Member, Board of Directors, Overseas Private Investment Corporation (2001 - 2004)
• Chair, Working Party III, Organization for Economic Cooperation and Development (2003 - 2005)
• Member, President's Council of Economic Advisers (1989 - 1991)
• Senior Staff Economist, President's Council of Economic Advisers (1976 - 1977)
• Member, Advisory Panel, Congressional Budget Office (1983 - 1983)
• Member, Advisory Panel, Congressional Budget Office (1995 - 2001)
• Member, California Governor's Council of Economic Advisers (1995 - 1998)
• Member, California Governor's Council of Economic Advisers (2005 - 2010)
• Advisory Board Chair, Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute (2007 - Present)
• Research Advisor, Federal Reserve Bank of Philadelphia (1981 - 1984)
• Honorary Adviser, Bank of Japan (1994 - 2001)
• Visiting Scholar, Bank of Japan (1987 - 1987)
• Visiting Scholar, Bank of Finland (1986 - 1986)
• Member, Board of Trustees, Dodge and Cox Funds (1995 - 2001)
• Member, Board of Trustees, Dodge and Cox Funds (2005 - Present)
• Economic Analyst, Townsend-Greenspan and Company, New York (1978 - 1981)
• Member, Council on Foreign Relations (2012 - Present)
• Member, Pew Task Force on Financial Reforms (2009 - 2010)
• Managing Editor, International Journal of Central Banking (2005 - 2008)
• Vice-President, American Economic Association (2000 - 2001)
• Member, Executive Committee, American Economic Association (1992 - 1995)
• Co-Editor, American Economic Review (1985 - 1988)
• Chair, Editor Search Committee, American Economic Review (2000 - 2000)
• Member, Committee on Government Relations, American Economic Association (2013 - Present)
• Member, Committee on Role of Advocacy, American Economic Association (2007 - 2009)
• Member, Committee on Economic Education, American Economic Association (1997 - 2001)
• Member, Budget Committee, American Economic Association (1993 - 1995)
• Member, Honors and Awards Committee, American Economic Association (1989 - 1993)
• Member, Board of Trustees, Foundation for Teaching Economics (1997 - 2001)
• Member, Revisions Committee, Voluntary National Content Standards in Economics (2008 - 2011)
• Member, Review Committee, Voluntary National Content Standards in Economics (1997 - 1997)
• Member, Federal Economic Statistics Advisory Committee (2000 - 2001)
• Member, Committee on Economic Stability and Growth and Subcommittee on Monetary Research, Social Science Research (1986 - 1989)
• Member, Graduate Record Examinations Committee, Educational Testing Service (1984 - 1986)
• Member, Economics Oversight Committee, National Science Foundation (1983 - 1983)
• Member, Brookings Panel on Economic Activity (1982 - 1983)
• Research Associate, National Bureau of Economic Research (1981 - Present)
• Member, Advisory Committee, Carnegie-Rochester Conference Series on Public Policy (1979 - 1989)
• Member, Advisory Committee, Carnegie-Rochester Conference Series on Public Policy (1992 - 2001)
• Member, Advisory Review Panel for Economics, National Science Foundation (1979 - 1981)
• Associate Editor, Econometrica (1981 - 1985)
• Associate Editor, Journal of Economic Dynamics and Control (1978 - 1985)
• Associate Editor, Journal of Monetary Economics (1978 - 1985)
• Associate Editor, Review of Economics and Statistics (1993 - 1996)
• Associate Editor, Journal of Economic Perspectives (1997 - 2000)
• Associate Editor, Journal of Applied Econometrics (1997 - 2001)
• Associate Editor, Journal of Macroeconomics (1998 - 2001)

Professional Education

• Ph.D., Stanford University, Economics (1973)
• A.B., Princeton University, Economics (1968)
• (650) 723-9677 (office)
• Herbert Hoover Memorial Building
• Stanford,  California  94305-6010 

Additional Info

• Mail Code: 6010
• Taylor Website

2023-24 Courses

• Macroeconomic Seminar ECON 310 (Aut, Win, Spr)
• Principles of Economics ECON 1 (Aut)
• Directed Reading ECON 139D (Aut, Win, Spr)
• Directed Reading ECON 239D (Aut, Win, Spr, Sum)
• Honors Thesis Research ECON 199D (Aut, Win, Spr, Sum)
• Practical Training ECON 299 (Aut, Win, Spr, Sum)

2022-23 Courses

• Macroeconomic Workshop ECON 310 (Aut, Win, Spr)

2021-22 Courses

• Principles of Economics ECON 1 (Aut, Sum)

2020-21 Courses

All publications.

This paper evaluates the economic impact of discretionary fiscal and monetary actions taken in the United States during 2020 and 2021. The fiscal actions are The Coronavirus Aid, Relief, and Economic Security Act, or the "CARES" Act, passed in March 2020; The Consolidated Appropriations Act, passed in December 2020; and The American Rescue Plan Act, passed in March 2021. The paper focuses on the impact of the "economic impact payments" that underlie these fiscal actions. The paper also examines discretionary monetary policy actions taken during the same period. The overall implication is that there is a need to return to policies that increase economic growth and stability, including rules-based fiscal and monetary policy, rather than to continue with these one-time discretionary actions.

View details for DOI 10.1016/j.jpolmod.2022.09.004

View details for PubMedID 36160727

View details for DOI 10.1016/j.jpolmod.2021.02.005

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View details for DOI 10.1007/s10657-020-09683-1

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View details for DOI 10.3982/QE1360

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View details for DOI 10.1080/15140326.2019.1565396

View details for Web of Science ID 000470143800001

View details for DOI 10.1016/j.jmacro.2017.04.008

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View details for DOI 10.1016/j.jpolmod.2016.05.008

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View details for DOI 10.1257/aer.p20161007

View details for Web of Science ID 000379341300008

View details for DOI 10.1016/j.jpolmod.2014.03.006

View details for Web of Science ID 000339701400005

View details for DOI 10.1257/aer.104.5.61

View details for Web of Science ID 000338925400009

View details for DOI 10.1016/j.jpolmod.2013.03.010

View details for Web of Science ID 000320971300011

View details for DOI 10.1016/j.jedc.2012.10.004

View details for Web of Science ID 000313846400004

• Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation The Great Inflation Levin, A., Taylor, J. B. edited by Orphanide, A., Bordo, M. University Chicago Press. 2013 : 217–253
• International Monetary Coordination and the Great Deviation Journal of Policy Modeling Taylor, J. B. 2013
• Swings in the Rules-Discretion Balance Rethinking Expectations: The Way Forward for Macroeconomics Taylor, J. B. edited by Frydman, R., Phelps, E. S. Princeton University Press. 2013 : 373–388
• Monetary Policy During the Past 30 Years With Lessons for the Next 30 Years The Cato Journal Taylor, J. B. 2013 ; 33
• The Effectiveness of Central Bank Independence Business Economics Taylor, J. B. 2013

View details for DOI 10.1111/j.1538-4616.2012.00521.x

View details for Web of Science ID 000307968000002

View details for Web of Science ID 000307127600013

View details for Web of Science ID 000305805400001

• First Principles: Five Keys to Restoring America's Prosperity Taylor, J. B. WW Norton. 2012
• Preface Bankruptcy Not Bailout: A Special Chapter 14 Scott, K., Taylor, J. B. Hoover Institution Press, Stanford, California. 2012 : Ix-Xii
• Introduction Government Policies and the Delayed Economic Recovery Taylor, J. B. edited by Ohanian, L., Taylor, J. B., Wright, I. Hoover Press, Stanford. 2012
• The Dual Nature of Forecast Targeting and Instrument Rules: A Comment on Michael Woodford's 'Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice The Taylor Rule and the Transformation of Monetary Policy Taylor, J. B. edited by Kahn, G. A., Koenig, E. F., Leeson, R. Hoover Institution Press. 2012
• What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package Government Policies and the Delayed Economic Recovery Cogan, J. F., Taylor, J. B. edited by Ohanian, L., Taylor, J. B., Wright, I. Hoover Press, Stanford. 2012 : 85–114
• A Comparison of Government Regulation of Risk in the Financial Services and Nuclear Power Industries The Nuclear Enterprise Wolak, F. A., Taylor, J. B. edited by Drell, S., Shultz, G. P. Hoover Institution Press, Stanford California. 2012 : 275–296
• Government Policies and the Delayed Economic Recovery edited by Ohanian, L., Taylor, J. B., Wright, I. Hoover Institution Press, Stanford, California. 2012
• Bankruptcy Not Bailout: A Special Chapter 14 edited by Scott, K. E., Taylor, J. B. Hoover Institution Press, Stanford, California. 2012
• Towards an Exit Strategy: Discretion or Rules? Taylor, J. B. Torino, IBL Libri. 2012

View details for DOI 10.1257/jel.49.3.686

View details for Web of Science ID 000295082100005

View details for DOI 10.1016/j.jmoneco.2010.10.009

View details for Web of Science ID 000292365500008

View details for Web of Science ID 000285988100020

• Monetary Policy, Economic Policy and the Financial Crisis: An Empirical Analysis of What Went Wrong What Caused the Financial Crisis Taylor, J. B. University of Pennsylvania Press, Philadelphia, Pennsylvania. 2011 : 150–171
• Better Living through Monetary Economics Better Living Through Economics Taylor, J. B. edited by Siegfried, J. Harvard University Press. 2011 : 146–163
• Origins and Policy Implications of the Crisis New Directions in Financial Services Regulation Taylor, J. B. edited by Porter, R. MIT Press, Cambridge, MA. 2011 : 13–22
• The Rules-Discretion Cycle in Monetary and Fiscal Policy Finnish Economic Papers Taylor, J. B. 2011 ; 24 (2) : 78-86
• The State of the U.S. Economy Whither or Wither, U.S.- Korea Institute at SAIS and the Korea Institute of Finance Taylor, J. B. 2011 : 57-70
• Simple and Robust Rules for Monetary Policy Handbook of Monetary Economics Taylor, J. B. edited by Williams, J. C., Friedman, B., Woodford, M. Elsevier. 2011
• Economics Weerapana, A., Taylor, J. B. Cengage Southwestern Publishers. 2011
• Macroeconomic Lessons from the Great Deviation NBER Macroeconomics Annual, Vol. 25 Taylor, J. B. edited by Acemoglu, D., Woodford, M. The University of Chicago Press. 2011 : 387–395
• The Cycle of Rules and Discretion in Economic Policy National Affairs Taylor, J. B. 2011 : 55-65
• Legislating a Rule for Monetary Policy Cato Institute's 28th Annual Monetary Conference, Asset Bubbles and Monetary Policy Taylor, J. B. 2011 : 407–15

View details for DOI 10.1016/j.jmoneco.2010.05.010

View details for Web of Science ID 000280969900002

View details for Web of Science ID 000277700300002

View details for DOI 10.1016/j.jedc.2010.01.010

View details for Web of Science ID 000276124000001

• Ending Government Bailouts As We Know Them edited by Scott, K., Schult, G., Taylor, J. B. Hoover Institution Press, Stanford, California. 2010
• Defining Systemic Risk Operationally Ending Government Bailouts As We Know Them Taylor, J. B. edited by Scott, K., Shultz, G., Taylor, J. B. Hoover Institution Press, Stanford, California. 2010 : 33–57
• Commentary: Monetary Policy after the Fall Macroeconomic Challenges: The Decade Ahead Taylor, J. B. 2010 : 337-348
• Systemic Risk and the Role of Government Risco E Regulacao Taylor, J. B. edited by Garcia, M., Gaimbiagi, F. Campus/Elsevier. 2010 : 19–28
• Comments on 'Trade-offs in Monetary Policy' David Laidler's Contributions to Economics Taylor, J. B. 2010 : 118-121
• Economics Taylor, J. B. Global Financial Crisis Edition. 2010
• Comments on 'Global Effects of Fiscal Stimulus During the Crisis' Journal of Monetary Economics Taylor, J. B. 2010 ; 57 (5) : 527-530

View details for DOI 10.1016/j.jmoneco.2009.09.004

View details for Web of Science ID 000272365400001

View details for DOI 10.1257/aer.99.2.550

View details for Web of Science ID 000266458300091

View details for DOI 10.1257/mac.1.1.58

View details for Web of Science ID 000284510100004

• Empirically Evaluating Economic Policy in Real Time Inaugural Martin Feldstein Lecture, NBER Reporter Taylor, J. B. 2009
• Should the G-20 Reconsider the Decision to Treble IMF Recourses? Renewing Globalization and Economic Growth in a Post-Crisis World: The Future of the G-20 Agenda Taylor, J. B. Carnegie Mellon University Press, Pittsburgh, Pennsylvania. 2009 : 77–79
• Introduction The Road Ahead For the Fed Ciorciari, J., Taylor, J. B. edited by Ciorciari, J., Taylor, J. Hoover Institution Press, Stanford. 2009
• Economics Weerapana, A., Taylor, J. B. Houghton-Mifflin, Boston. 2009
• Getting off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis Taylor, J. B. Hoover Institution Press, Stanford. 2009
• Globalization and Monetary Policy: Missions Impossible The International Dimensions of Monetary Policy Taylor, J. B. edited by Gertler, M., Gali, J. The University of Chicago Press. 2009 : 609–624
• The Need to Return to a Monetary Framework Business Economics Taylor, J. B. 2009 ; 44 (2) : 63-72
• Monetary Policy in a Global Economy: Past and Future Research Challenges Globalisation and the Macroeconomy: European Central Bank Conference Taylor, J. B. Cambridge University Press. 2009
• The Need for a Clear and Credible Exit Strategy The Road Ahead for the Fed Taylor, J. B. edited by Ciorciari, J., Taylor, J. Hoover Institution Press, Stanford. 2009 : 85–100
• Fifty Years of the Phillips Curve: A Dialog on What We Have Learned Understanding Inflation and the Implications for Monetary Policy, Taylor, J. B., Solow, R. M., Mankiw, N. G. edited by Fuhrer, J. MIT Press, Cambridge, MA. 2009
• The Lack of an Empirical Rationale for a Revival of Discretionary Fiscal Policy CESifo Forum Taylor, J. B. 2009 ; 10 (2) : 9-13
• The Financial Crisis and the Policy Response: An Empirical Analysis of What Went Wrong Critical Review Taylor, J. B. 2009 ; 21 (2-3) : 341-364
• The Road Ahead for the Fed Taylor, J. B. edited by Ciorciari, J. Hoover Institution Press, Stanford, California. 2009

View details for DOI 10.1080/08913810902974865

View details for Web of Science ID 000267973700009

View details for DOI 10.1016/j.jpolmod.2008.04.005

View details for Web of Science ID 000258387900006

• The Financial Crisis and the Policy Response: An Empirical Analysis of What Went Wrong A Festschrift in Honour of David Dodge's Contributions to Canadian Public Policy Taylor, J. B. 2008 : 1-18
• The Importance of Being Predictable Review, Federal Reserve Bank of St Louis Taylor, J. B. 2008 : 405-420
• Global Financial Warriors: The Untold Story of International Finance in the Post 9/11 World Taylor, J. B. WW Norton. 2008
• The Way Back to Stability and Growth in the Global Economy Monetary and Economic Studies Taylor, J. B. 2008 : 37-48
• The Impact of Globalization on Monetary Policy Globalization, Inflation and Monetary Policy Taylor, J. B. 2008 : 257-263

View details for Web of Science ID 000244230400011

• Global Financial Warriors: The Untold Story of International Finance in the Post 9/11 World Taylor, J. B. WW Norton. 2007
• Housing and Monetary Policy Housing, Housing Finance, and Monetary Policy Taylor, J. B. 2007 : 463-476
• Do We Get More Out of Theory Than We Put In? Central Banking Taylor, J. B. 2007 ; 18 (2) : 23-27
• Lessons of the Financial Crisis for the Design of the New International Financial Architecture World Bank Conference Volume Taylor, J. B. 2007
• The Explanatory Power of Monetary Policy Rules Business Economics Taylor, J. B. 2007 ; 42 (4) : 8-15
• The 2002 Uruguayan Financial Crisis: Five Years Later World Bank Conference Volume Taylor, J. B. 2007
• Back to the Workd of Ideas Stanford Magazine Taylor, J. B. 2007
• Economics Weerapana, A., Taylor, J. B. Houghton-Mifflin, Boston. 2007
• Economic Reform and the Current Account: Implementing the Strategy IMF Conference on the Current Account Taylor, J. B. 2006
• Lessons Learned from the Implementation of lnflation Targeting Stability and Economic Growth: The Role of the Central Bank Taylor, J. B. 2006 : 229-236
• Commentary on 'The Rise of Off-Shoring': It's Not Wine or Cloth Anymore Jackson Hole Conference Volume Grossman, G., Rossi-Hansberg, E. 2006 : 103–109
• The Policy Support Instrument: A Key Component of the Recent IMF Reform Movement Reforming the IMF for the 21st Century Taylor, J. B. edited by Truman, E. M. Institute for International Economics. 2006

View details for Web of Science ID 000228908600009

• Policies in International Finance, 2001-2005, A Real Time Record in Speeches and Testimony Taylor, J. B. 2005
• Commentary: Understanding the Greenspan Standard Jackson Hole Conference Volume Taylor, J. B. 2005 : 107-118
• Monetary Policy Modeling: Where Are We and Where Should We Be Going Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley Taylor, J. B. Board of Governors of the Federal Reserve System. 2005 : 328–334
• Economics Weerapana, A., Taylor, J. B. Houghton-Mifflin, Boston. 2004
• Strengthening the Global Economy: A Report on the Bush Administration Agenda Business Economics Taylor, J. B. 2003 ; 38 (1) : 34-38
• Increasing Economic Growth and Stability in Emerging Markets The Cato Journal Taylor, J. B. 2003 ; 23 (1) : 127-134
• New Policies for Economic Development Annual Bank Conference on Development Economics Taylor, J. B. 2002
• The Monetary Transmission Mechanism and the Evaluation of Monetary Policy Rules Monetary Policy: Rules and Transmission Mechanisms Taylor, J. B. edited by Loayza, N., Schmidt-Hebbel, K. Santiago, Chile, Central Bank of Chile. 2002 : 21–46

View details for Web of Science ID 000169114600050

View details for Web of Science ID 000227537000014

• Using Monetary Policy Rules in Emerging Market Economies Proceedings of a conference at the Bank of Mexico Taylor, J. B. 2001
• Low Inflation, Deflation, and Policies for Future Price Stability The Role of Monetary Policy Under Low Inflation: Deflationary Shocks and their Policy Responses, Monetary and Economic Studies (Special Edition) Taylor, J. B. 2001 ; 19 (S1) : 35-51
• How the Rational Expectations Revolution has Changed Macroeconomic Policy Research Advances in Macroeconomics Taylor, J. B. edited by Dreze, J. Palgrave. 2001
• An Interview with Milton Friedman Macroeconomic Dynamics Taylor, J. B. Cambridge University Press. 2001 : 101–131
• Expectations, Open Market Operations, and Changes in the Federal Funds Rate Review, Federal Reserve Bank of St. Louis Taylor, J. B. 2001 ; 83 (4) : 33-48

View details for Web of Science ID 000165250400007

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• Teaching Modern Macroeconomics at the Principles Level American Economic Review, Papers and Proceedings Taylor, J. B. 2000 ; 90 (2) : 90-94
• Economics Weerapana, A., Taylor, J. B. Houghton-Mifflin, Boston. 2000
• The Policy Rule Mix: A Macroeconomic Policy Evaluation Money, Capital Mobility and Trade, Essays in Honor of Robert Mundell Taylor, J. B. edited by Calvo, G., Oornbusch, R., Obstfeld, M. MIT Press. 2000 : 505–518
• Economics Taylor, J. B. Houghton-Mifflin, Boston. 2000
• Remarks on Recent Changes in Trend and Cycle Conference on Structural Change and Monetary Policy Taylor, J. B. 2000
• Summary Remarks Monetary Policy and Inflation Targeting in Emerging Economies Taylor, J. B. 2000 : 290-293
• Recent Developments in the Use of Monetary Policy Rules Monetary Policy and Inflation Targeting in Emerging Economies Taylor, J. B. 2000 : 207-219

View details for Web of Science ID 000167324100004

• Comments on 'Making Policy in a Changing World' Economic Events, Ideas, and Policies: The 1960s and After Taylor, J. B. edited by Perry , G. L., Tobin, J. Brookings Washington, D.C.. 2000 : 72–82
• Introduction to Policy Panel Monetary Policy-Making under Uncertainty Taylor, J. B. 2000 : 18

View details for Web of Science ID 000177424900008

• Staggered Price and Wage Setting in Macroeconomics Handbook of Macroeconomics Taylor, J. B. edited by Taylor, J. B., Woodford, M. North-Holland, Elsevier. 1999 : 1009–1050
• The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by the European Central Bank Journal of Monetary Economics Taylor, J. B. 1999 ; : 655–679
• What the European Central Bank Needs to Do Hoover Digest Taylor, J. B. 1999
• Comments on Monetary Policy under Uncertainty Monetary Policy under Uncertainty Taylor, J. B. 1999 : 6-9
• Economics Taylor, J. B. Australian edition, John Wiley & Sons Australia. 1999
• Inflation, Unemployment and Monetary Policy Solow, R., Taylor, J. B. MIT Press. 1999
• Introductory Remarks on Monetary Policy Rules Monetary Policy Rules Taylor, J. B. University of Chicago Press. 1999 : 1–14
• An Historical Analysis of Monetary Policy Rules Monetary Policy Rules Taylor, J. B. edited by Taylor, J. B. University of Chicago Press. 1999 : 319–348
• Interview Conversations with Leading Economists Taylor, J. B. edited by Snowdon, B., Vane, H. R. Edward Elgar Publishing, Northhampton, MA. 1999 : 193–207
• Commentary: 'Challenges for Monetary Policy: New and Old' by Mervyn King New Challenges for Monetary Policy Taylor, J. B. 1999 : 59-67
• Handbook of Macroeconomics edited by Woodford, M., Taylor, J. B. North Holland, Elsevier. 1999
• Monetary Policy Rules Taylor, J. B. University of Chicago Press. 1999

View details for Web of Science ID 000177424900001

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• Economics Weerapana, A., Taylor, J. B. Houghton-Mifflin, Boston. 1998
• Inflation, Unemployment and Monetary Policy Solow, R., Taylor, J. B. MIT Press. 1998
• Monetary Policy and the Long Boom: The Homer Jones Lecture Review, Federal Reserve Bank of St. Louis Taylor, J. B. 1998 : 3-12
• The ECB and the Taylor Rule International Economy Taylor, J. B. 1998
• Information Technology and Monetary Policy Monetary and Economic Studies Taylor, J. B. 1998 ; 16 (2) : 19-28
• Implications of the Globalization of World Financial Markets: An Overview The Implications of the Globalization of World Financial Markets Taylor, J. B. 1998 : 309-315
• Applying Academic Research on Monetary Policy Rules: An Exercise in Translational Economics The Manchester School Supplement Johnson, H. G., Taylor, J. B. Blackwell Publishers. 1998 : 1–16
• Five Things We Know for Sure Hoover Digest Taylor, J. B. 1998

View details for Web of Science ID 000072971400005

View details for Web of Science ID A1997XB09100051

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• Comments on 'Does Monetary Policy Affect Real Economic Activity: Why Do We Still Ask This Question?' Monetary Policy in an Integrated Framework Taylor, J. B. 1997
• Comment on 'America's Peacetime Inflation: The 1970s' Reducing Inflation Taylor, J. B. edited by Romer, C., Romer, D. University of Chicago Press. 1997
• Macroeconomics: Theory, Performance and Policy Hall, R. E., Taylor, J. B. W.W. Norton, New York. 1997
• Comment on 'Tax Policy and Investment' by Kevin Hasset and R. Glenn Hubbard Fiscal Policy Taylor, J. B. edited by Auerbach, A. 1997
• Economics Johnson, D. R., Taylor, J. B. ITP Nelson, Toronto. 1997

View details for Web of Science ID 000073602800001

• A Core of Practical Macroeconomics Choices Taylor, J. B. 1997 : 10-12
• Policy Rules as a Means to a More Effective Monetary Policy Monetary and Economic Studies Tayor, J. B. 1996 ; 14 (1) : 28-39

View details for Web of Science ID 000084549400012

View details for Web of Science ID A1995TJ23700002

• Economics Weerapana, A., Taylor, J. B. Houghton-Mifflin, Boston. 1995
• Stabilization Policy and Long-Term Economic Growth Growth and Development: The Economics of the 21st Century Taylor, J. B. edited by Wright, G., Landau, R. 1995
• The Monetary Transmissions Mechanism: An Empirical Framework Journal of Economic Perspectives Taylor, J. B. 1995 ; 9 (4) : 11-26
• Review of Changes in American Economic Policy in the 1980s: Watershed or Pendulum Swing? Journal of Economic Literature Taylor, J. B. 1995 : 777–784
• The Monetary Policy Implications of Greater Fiscal Discipline Budget, Debt, and Deficits: Issues and Solutions Taylor, J. B. 1995 : 151-170
• The Inflation-Output Variability Tradeoff Revisited Goals Guidelines, and Constraints Facing Monetary Policymakers Taylor, J. B. edited by Fuhrer, J. Federal Reserve Bank of Boston. 1994 : 21–38
• Comment on The Use of a Monetary Aggregate to Target Nominal GDP Monetary Policy Taylor, J. B. edited by Mankiw, N. G. University of Chicago Press. 1994

View details for Web of Science ID A1993LC60700053

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• Macroeconomic Policy in a World Economy: From Econometric Design to Practical Operation Taylor, J. B. W.W. Norton, New York. 1993
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Analysis: India’s Courts Must Keep Their Autonomy

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India’s Courts Must Keep Their Autonomy

A recent ruling on campaign finance reflected a judicial independence that will be key to checking modi’s power if he wins a third term..

• Sumit Ganguly

In 2018, a year ahead of India’s last national election, the ruling Bharatiya Janata Party (BJP) rolled out a system of so-called electoral bonds —financial instruments that individuals or corporations could purchase in fixed amounts through the State Bank of India and contribute anonymously to a political party to fund its election campaign. Previously, individuals and corporations were required to make donations over a certain amount public.

At the time, the BJP government explained that the bonds scheme would enable both citizens and companies to help finance the electoral process with “clean money.” India’s elections have become prohibitively expensive because of the country’s sheer size, the scale of campaign events, and an increasing reliance on digital means to promote party platforms. India’s 2019 election expenditure was more than $8 billion . This year’s election, which began on April 19 and runs for six weeks, could cost more than $14.4 billion , around the same amount as the 2020 U.S. elections.

The financing for future Indian elections will now look different. In a landmark judgment in February, the Indian Supreme Court weighed in and unanimously struck down the electoral bonds system on the grounds that it violated Indian citizens’ right to information, and the State Bank of India was ordered to cease issuing further bonds. Petitioners including the Association for Democratic Reforms, represented by noted activist lawyer Prashant Bhushan, and the Communist Party of India (Marxist) lodged the case against the government.

The verdict was stunning for a few reasons. It showed that the Indian Supreme Court still retains some independence, even as it has come under growing criticism for its apparent tendency to kowtow to Prime Minister Narendra Modi’s government. It also brought to light just how much prominent conglomerates chose to fund the BJP through the bonds scheme—as well as revealing that a number of companies invested in the bonds were facing scrutiny from federal and state investigative agencies.

Although the Supreme Court judgment likely came too late to affect this year’s election, with much of the funding from the bonds already spent, terminating the electoral bonds system may contribute toward cleaning up India’s campaign finance process. Nevertheless, with the vote now underway, two significant questions linger. Assuming the BJP returns to office as expected, will the government resurrect the electoral bonds system with some transparency? And more broadly, will the Indian Supreme Court maintain the independence it displayed in this case?

At first, the Supreme Court decision seemed like a setback for the ruling BJP, which was by far the largest recipient of the electoral bonds—and thus lost access to some funding on the eve of the election. After the judgment, the court continued to push the State Bank of India to release information related to the details of the donors and the unique alphanumeric codes that linked these donors with beneficiaries. The data ultimately revealed that the BJP’s top 10 donors contributed as much as 35 percent of its total intake of electoral funds. Although there is little question that the Supreme Court deserves credit for the verdict, it is worth noting that the late timing of the judgment meant that it had little or no practical impact on this year’s campaign.

However, the subsequent court-ordered disclosures shed light on the murkiness of the electoral bonds scheme. A host of prominent conglomerates purchased bonds, suggesting an opaque effort to curry favor with both the BJP at the national level and regional parties at the state level. Several companies facing possible investigations into their financial practices were major donors, suggesting they may have sought to avoid further scrutiny under the BJP government, which has weaponized India’s investigative agencies. Opposition parties, political dissidents, and private companies alike have found themselves under the scanner of the country’s tax enforcement authorities .

The verdict’s significance goes beyond campaign financing and this year’s election. It gives hope to many activists in India who have grown concerned about the independence of India’s top court. Historically, the Supreme Court had a reputation for its prickly autonomy. It also became known for innovative if controversial judicial reforms, including the radical provision of public interest litigation , which enabled any Indian citizen to approach the bench via handwritten letter on behalf of the public interest, including in cases in which they were not directly involved; the Supreme Court then had the right to intervene if applicable—as with the electoral bonds case.

Still, in recent years, the Indian Supreme Court lost some of its sheen. In 2020, former Chief Justice of India Ranjan Gogoi, who was widely seen as sympathetic to the first BJP government under Modi, was nominated as a member of the upper house of India’s parliament shortly after his retirement from the bench. The unusual appointment raised serious questions about the court’s independence. Last year, former Supreme Court Justice S. Abdul Nazeer, who delivered the verdict in a case involving the land on which the controversial Ram temple now stands, was appointed governor of the Indian state of Andhra Pradesh.

The current chief justice of India, D.Y. Chandrachud, assumed office in 2022. Legal experts have construed a few judgments that have come under his watch as dubious. First, the court upheld the 2019 repeal of Article 370 of the Indian Constitution, which had long conferred special autonomous status on the Muslim-majority, Indian-administered region of Jammu and Kashmir. This, combined with a previous court judgment to allow the construction of the Ram Mandir on the grounds of the destroyed Babri mosque in Ayodhya to go ahead, left many of India’s 200 million Muslims bereft . Both decisions, based on questionable legal premises, have bolstered the BJP’s nationalist project.

Then, last October, the Supreme Court denied a petition to permit same-sex marriage in India, instead giving in to the government’s plea to set up a committee to examine the subject of granting same-sex couples rights available to heterosexual couples. Yet again, the decision left many Indians disappointed and showed deference to the social sentiments of the conservative government. The decision played into the hands of the BJP, strengthening its stance on what it deems to be traditional Hindu values under assault from liberal notions of modernity.

Given its recent record of largely siding with the BJP government on politically fraught issues, the Supreme Court’s decision on the electoral bonds scheme is momentous, even as it leaves legal experts guessing about the court’s motivations. A single judgment that undermines the ruling party will not immediately restore faith in the Supreme Court’s independence, but the willingness of the court to grasp this nettle on the eve of the national election suggests that it may still be willing to fight for the cherished democratic principle of judicial autonomy.

Other important judgments on the horizon will bear watching. Among other matters, the court is expected to rule on the politically fraught status of the Gyanvapi mosque in Varanasi; the powers of the Enforcement Directorate, a key financial crimes investigative agency; and the religious freedom of women. If the current BJP government does return to power as expected, maintaining the autonomy of the Supreme Court will be of signal importance in checking the possible arbitrary use of power during Modi’s third term.

Sumit Ganguly is a columnist at  Foreign Policy and visiting fellow at the Hoover Institution at Stanford University. He is a distinguished professor of political science and the Rabindranath Tagore chair in Indian cultures and civilizations at Indiana University Bloomington.

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