The Taylor rule had been embraced so closely by the international central banking community that analysts on both sides of the debate over whether the federal funds rate has been slashed enough were using it to make their cases, Duvvuri Subbarao, the governor of the Reserve Bank of India, said on Wednesday.

In remarks introducing John Taylor, creator of the eponymous rule, Subbarao told an audience in Mumbai that it was legitimate to ask what role central bankers had left. "It is possible to ask