How do I get an outside line? http://madthumbs.fun/ mad thumbs He doesn't like monetary rules, specifically John B. Taylor's or Milton Friedman's. "[I]nstitutions do the work of rules, and monetary rules should be avoidedâ¦. Unless it can be demonstrated that the political institutional route to low inflation--to commitment that preserves the discretion to deal with unexpected contingencies and multiple equilibria--is undesirable or cannot work, I don't see any case at all for monetary rules."