My thanks to the Hoover Institution for inviting me to speak on this esteemed panel. It’s great to be back at my alma mater. I am especially grateful that yesterday I was able to join the celebration in honor of John Taylor. When we experience uncertain economic times with a wide range of possible paths for the economy, simple policy rules provide a good starting point for assessing how monetary policy may wish to respond in different scenarios. The Cleveland Fed’s website has a section that looks at federal funds rate projections based on seven simple policy rules and multiple forecasts, including the rule that John ... (full story)