Taylor calls on Fed to focus on price stability, not employment

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John Taylor, the Stanford economist who created the eponymous monetary policy rule, on Tuesday said the Federal Reserve's latest quantitative easing programme risked undermining the central bank's independence and that legislation should be enacted to cement price stability as its primary mandate.

In an article for Investors Business Daily, a news service, Taylor and Paul Ryan, a member of the US House of Representatives, called the Fed's independence into question, saying the $600 billion-worth

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