A rule of thumb like the Taylor rule — not an ironclad rule but one allowing some discretion — could be effective if deviations from it are punished with shame and embarrassment, enforced by constant 24-hour news scrutiny providing discipline to the process.

normativepending

Speaker

John Taylor

Evidence Quote

your championing of this rule of thumb which is what I like about is it's not an ironclad rule there's some discretion but it's a rule of thumb that deviations from it would be punished with shame and embarrassment might be effective I think so a lot of this lettuce guy we have a you know constant 24-hour news people looking at things and as long as there's some discipline in that process I think it could be beneficial

Source

John Taylor on the Financial Crisis 07/20/2009EconTalk
Created: 6/15/2026, 9:20:12 AM

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