Rules versus Discussion – Monetary Policymaking Debate

The Economist argues for discretionary policymaking –

http://www.economist.com/news/finance-and-economics/21660598-setting-interest-rates-according-fixed-formula-bad-idea-rule-it-out

A strong proponent of rules based monetary policymaking is Stanford’s John Taylor –
http://www.hoover.org/sites/default/files/research/docs/jmcb_lecture.pdf