According to Horrocks (Quart. J. Math. Oxford (2) 17 (1966), 14–18), a vector bundle E on the projective n-space extends stably to the projective N-space, N > n, if there exists a vector bundle on the larger space whose restriction to the smaller one is isomorphic to E plus a direct sum of line bundles. We show that E extends stably to the projective N-space for every N > n if and only if E is the cohomology of a free monad (with three terms). The proof uses the method of Coandă and Trautmann (Commun. Algebra 34 (2006), 2485–2488). Combining this result with a theorem of Mohan Kumar et al. (Manuscripta Math. 112 (2003), 183–189), we get a new effective version of the Babylonian tower theorem for vector bundles on projective spaces.