Monetary Policy during the Past 30 Years with Lessons for the Next 30 Years
This essay in the CATO Journal by John B. Taylor writes that,
Considering the overall performance of the American economy, the past 30 years divide naturally into two parts. During the first part—roughly the first two-thirds—economic performance was quite good, but during the second part it was quite poor. In terms of mon- etary policy, there is a corresponding natural division with a steadier rules-based approach to policy in the first part and a much less predictable discretionary approach to policy in the second.
The auhtor contends that the rules should be changed to improve economic performance.