Resembling the disagreement between Paul Krugman and Greg Mankiw on healthcare reform, the debate surrounding the Taylor rule has become somewhat spirited. Yesterday, Ben Bernanke even focused on it during a section of his talk to the American Economic Association.
http://www.federalreserve.gov/newsevents/speech/bernanke20100103a.htm
As explained by John Taylor (Stanford and the Hoover Institute)