John Taylor has written a number of articles that are critical of the Fed’s current discretionary regime. It’s difficult to know what the Fed is trying to achieve, and how they intend to get there. This creates uncertainty in the marketplace, and greater macroeconomic stability. Naturally Taylor focuses on the need for something like the Taylor Rule. In contrast, I’ve advocated NGDPLT, with the same goal—reducing discretion and making the Fed more accountable.