Kohn also observed, however, that “in truth, only a few members look at this or similar information regularly, and the number does not seem to be growing.” That state of affairs has probably changed in the two decades since Kohn wrote. It is clear from transcripts in the public record that rule prescriptions have frequently been cited at FOMC meetings.
Kiyotaki, Nobuhiro, and John Moore (1997). "Credit Cycles," Journal of Political Economy, vol. 105 (April), pp. 211-48. Levin, Andrew T., and Fabbio M. Natalucci (2005). "The Magnitude and Cyclical Behavior of Financial Market Frictions," 2005 Meeting Papers 443, Society for Economic Dynamics. Levin, Andrew T., Fabbio M. Natalucci, and Egon Zakrajsek (2004).