Editing Taylor rule (section)

==Criticisms==
[[Athanasios Orphanides]] (2003) claimed that the Taylor rule can mislead policymakers who face [[real-time data]]. He claimed that the Taylor rule matches the US funds rate less perfectly when accounting for informational limitations and that an activist policy following the Taylor rule would have resulted in inferior macroeconomic performance during the 1970s.<ref>{{cite journal |last=Orphanides |first=A. |year=2003 |title=The Quest for Prosperity without Inflation |journal=[[Journal of Monetary Economics]] |volume=50 |issue=3 |pages=633–663 |doi=10.1016/S0304-3932(03)00028-X |citeseerx=10.1.1.196.7048 |s2cid=14305730 }}</ref>

In 2015, "Bond King"{{clarify|date=February 2023}} [[Bill H. Gross|Bill Gross]] said the Taylor rule "must now be discarded into the trash bin of history", in light of tepid GDP growth in the years after 2009.<ref>{{cite web |url=https://www.cnbc.com/2015/07/30/gross-low-rates-are-the-problem-not-the-solution.html |title=Gross: Low rates are the problem, not the solution |work=CNBC |author=Bill Gross |date=July 30, 2015 |access-date=July 30, 2015|author-link=Bill H. Gross }}</ref> Gross believed that low interest rates were not the cure for decreased growth, but the source of the problem.