Evan F. Koenig is vice president and senior policy adviser at the Federal Reserve Bank of Dallas and an adjunct professor at Southern Methodist University.
Twenty years ago, John Taylor proposed a simple idea to guide monetary policy. Quickly the idea spread, not only through academia, but also to the trading floors of Wall Street and the Federal Reserve's boardroom in Washington. Now, two decades later, the Taylor rule remains a focal point for discussions of monetary policy around the world.
