10  In the same spirit, we also replace the output gap as measured retrospectively by the FRB/US model with the output gap from that model as measured in real time. This change has no significant effect on the policy prescriptions over most of the period. BIS Review 1/2010  5  have garnered much support among monetary specialists.
In contrast, Slide 4 shows that the version of the Taylor rule based on forecast inflation (in green dots) explains both the course of monetary policy earlier in the past decade as well as the decision not to respond aggressively to what did in fact turn out to be a temporary surge in inflation in 2008.