John Taylor, professor of economics at Stanford University and a senior fellow at the Hoover Institution, says the Federal Reserve must return to a rules-based monetary policy that will create more certainty in financial markets and in turn spur more economic growth. He says the lack of a consistent rule for monetary policy is one reason the recovery from the recession has been lackluster. He also says Fed chair Janet Yellen has long been in favor or a rules-based approach, a sign the central bank is moving in the direction he advocates. Taylor speaks with Bloomberg’s Kathleen Hays on Bloomberg Radio’s "The Hays Advantage".
Running time 17:24