John Taylor has argued: Considerable empirical work supports the view that interest rates were too low for

Question:

John Taylor has argued: “Considerable empirical work supports the view that interest rates were too low for too long in 2003–2005 and were a major factor in the housing boom and bust that resulted.”
a. What evidence is there that interest rates were too low in 2003–2005?

b. How might interest rates that were too low in 2003–2005 have contributed to the housing boom and bust?