Ben Bernanke, the chairman of the Federal Reserve, and Donald Kohn, the Fed's vice chair, praised John Taylor, a professor at Stanford University, for his contribution to monetary policy.

Bernanke listed three concepts named after Taylor, which he said were "central to understanding our macroeconomic experience of the past three decades": the Taylor curve, the Taylor rule, and the Taylor principle.

The Taylor curve depicts the policy trade-off between reducing the volatility of time and