The Reference Policy Rule is essentially the rule first proposed in 1993 by John Taylor of Stanford University, based on his statistical estimate of what the Fed appeared to have been doing under Paul Volcker and Alan Greenspan during a period of both low inflation and low unemployment. It states that the federal funds rate should be 2% plus the current inflation rate plus one-half of the difference between current and target inflation and one-half of the percentage difference between current and full-employment GDP.
参考政策规则本质上是由斯坦福大学的约翰·泰勒（John Taylor）根据美联储在保罗•沃尔克（Paul Volcker）和艾伦•格林斯潘（Alan Greenspan）在任期间的低通货膨胀和低失业率的统计估算，于1993年首次提出。这个规则认为联邦基金利率应该是2%加上当前的通货膨胀率加上当前和目标通货膨胀之间差异的一半，再加上当前和充分就业时GDP之间百分比差异的一半。