Central banks around the world should work together in the pursuit of an "international co-operative equilibrium" through an expanded rules-based system similar to that of the 1980s and 1990s, according to economist John Taylor.

In a paper published today by the Bank for International Settlements (BIS) but presented at the BIS' annual conference in Lucerne, Switzerland in June, Taylor argues that one explanation for "the recent spate of complaints about cross-border monetary policy spillovers