For many years, going back to the days before Google and Google Scholar helped us find and keep track of things, I created a monetary policy rule home page with links to papers, articles and speeches on policy rules, including a written version of a 1996 speech by Janet Yellen on the Taylor rule.
Janet Yellen’s speech is one of the clearest, most sensible, and most supportive analyses ever written about the Taylor rule. I strongly recommend reading it, especially in light of the recent congressional interest in policy rules. She describes the rule, and then she carefully discusses “several desirable features” it has “as a general strategy for conducting monetary policy.”
She says that “the framework of a Taylor-type rule could help the Federal Reserve communicate to the public the rationale behind policy moves, and how those moves are consistent with its objectives.” She mentions that she is “certainly…
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Utopia, you are standing in it! 
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