In this paper we study AGM contraction and revision of rules using input/output logical theories. We replace propositional formulas in the AGM framework of theory change by pairs of propositional formulas, representing the rule based character of theories, and we replace the classical consequence operator Cn by an input/output logic. The results in this paper suggest that, in general, results from belief base dynamics can be transferred to rule base dynamics, but that a similar transfer of AGM theory change to rule change is much more problematic. First, we generalise belief base contraction to rule base contraction, and show that two representation results of Hansson still hold for rule base contraction. Second, we show that the six so-called basic postulates of AGM contraction are consistent only for some input/output logics, but not for others. In particular, we show that the notorious recovery postulate can be satisfied only by basic output, but not by simple-minded output. Third, we show how AGM rule revision can be defined in terms of AGM rule contraction using the Levi identity. We highlight various topics for further research.