Taylor-rule author blasts Bernanke’s argument

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John Taylor, the Stanford economist who created the monetary policy rule evoked by Ben Bernanke in defending the Federal Reserve's pre-crisis rate decisions, on Tuesday challenged the Fed chairman's claim that low rates were not to blame for the bust.

"The evidence is overwhelming that those low interest rates were not only unusually low but they logically were a factor in the housing boom and, therefore ultimately the bust," Taylor said at the sidelines of the American Economic Association's an

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