It does not seem appropriate for policy makers in Korea, in analyzing their policy directions, to use the estimates of the Taylor rule, with its time series also including normal times. 8  Concerns similar to these have recently been raised at the FOMC meeting. These debates are expected to continue in the processes of QE tapering and interest rate normalization.
Please refer to Jeremy Stein, “Incorporating Financial Stability Considerations into a Monetary Policy Framework”, March 21, 2014.