Monetary policy has embraced the Taylor Rule so firmly that there has been an intense debate in the wake of the crisis on the policy stance of the US Fed vis-à-vis the Taylor rule.
Some analysts used the Taylor Rule to argue that the Fed funds rate, even at this historically low level, was not low enough and made out a case for doing a lot more to stimulate the economy. Prof. Taylor himself weighed in on the issue suggesting that those analysts were not applying his rule correctly.