The Federal Reserve's quantitative easing program has failed miserably and should be replaced with a "more rules-based" monetary policy, says Stanford economist John Taylor.

"The Fed has justified its policies as a means of helping the economy recover," he writes in The Wall Street Journal.

"Yet economic growth has come in at less than half what the Fed predicted with all its unprecedented interventions during the past four years, and growth remains under 2 percent so far this year."

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

Gross domestic product expanded 1.8 percent in the first quarter. And most economists expect a smaller figure for the second quarter, with some predicting less than 1 percent.

Meanwhile, Fed Chairman Ben Bernanke's recent comments that the central bank may soon taper its quantitative easing are causing turmoil, notes Taylor, a former Treasury undersecretary for international affairs.

"The turbulent reaction in the markets showed that the predicted dangers from unwinding would be real," he notes.

So what's the solution? "A growing number of economists, former central bankers and senior government officials — including Martin Feldstein [and] Paul Volcker ... — have now concluded that the Fed's policies are not working," Taylor says.

"Critics want the Fed to return to a more rules-based monetary policy."

But with the June Fed meeting minutes released this week and Bernanke's remarks Wednesday, "unless a modern-day Paul Volcker soon appears, the return to conventional monetary policy is still a long way off," Taylor writes.

Joel Naroff, chief economist at Naroff Economic Advisors, has a different view. He thinks the Fed should avoid tapering now.

"There's plenty of room to do more as far as stimulus is concerned because inflation's not a risk," Naroff told Newsmax TV in an exclusive interview. Consumer prices rose 1.4 percent in the year ended in May.

"We're just not getting the traction in the economy that we should be getting. So why are they talking about ending quantitative easing now? They should be waiting until it's really clear that the economy has begun to accelerate."

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did