In an opinion column in the Wall Street Journal, Stanford University economist John Taylor, originator of the Taylor rule, argued, "As I see it, the broader evidence in the United States and in many other countries . . . is that a rules-based policy has worked and that discretion-constrained or otherwise-has not."
a. What does Taylor mean by a "rules-based policy"?
b. How can we tell whether a monetary policy has worked?
c. Why have many Fed officials been opposed to adopting a rules-based policy?