John B. Taylor: “A clear monetary strategy is essential for good economic performance.”

I have become critical of the Federal Reserve policy regarding its unconventional policies, both before the crisis and after.

Do you want to live on $7.25 an hour? Try that out.

I think it would be a mistake based on the knowledge we have now about how central banks work, and how economies work, to change the dual mandate even when we are in recovery, I think it is the responsible and right thing to do.

I certainly don't want to--want my grandkids to see the crisis scenario, in which the interest rate on the debt will skyrocket abruptly because investors will no longer have confidence in our government's ability to pay its bills.