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John Taylor

Taylor’s (and Friedman’s) Error

Tue, 04/14/2009 - 7:29am | posted by Katy Delay

In a book review by Clive Crook in todays Financial Times, we read about the new work Getting Off Track by John Taylor, creator of the “Taylor Rule” for monetary policy. According to Taylor, if the Federal Reserve had followed his famous Rule instead of their own discretion over the last decade, we wouldn’t be in the mess we’re in today.

Taylor’s Rule gives a mathematical formula for the calculation of monetary policy. As Crook describes it:

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