John B. Taylor, professor of economics at Stanford University, discusses Federal Reserve Chairman Ben Bernanke's defense of the central bank's extended policy of low interest rates. Taylor writes that many of the points Bernanke made in relation to rates are questionable. However, Taylor does applaud the Fed's move to examine its policies. "I hope the Federal Reserve Board will continue with this new self-examination policy and transparently evaluate all its recent crisis-related actions," he writes.

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