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The Rise and Fall of Money Growth Targets as Guidelines for US Monetary Policy

In: Towards More Effective Monetary Policy

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  • Benjamin M. Friedman

Abstract

The practice of central banking seems always to be changing, and the role of money growth targets as guidelines for monetary policy is as good an example as any. With remarkable rapidity — at least in retrospect — quantity targets based on specified monetary aggregates assumed center stage in the conduct of monetary policy, only then to move to the periphery or even fade from the scene altogether. This same evolution, and with about the same timing, has occurred in one central bank after another around the world.

Suggested Citation

  • Benjamin M. Friedman, 1997. "The Rise and Fall of Money Growth Targets as Guidelines for US Monetary Policy," Palgrave Macmillan Books, in: Iwao Kuroda (ed.), Towards More Effective Monetary Policy, chapter 6, pages 137-175, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25382-1_6
    DOI: 10.1007/978-1-349-25382-1_6
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    Citations

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    Cited by:

    1. David Longworth, 2003. "Money in the Bank (of Canada)," Technical Reports 93, Bank of Canada.
    2. Benjamin M. Friedman, 2006. "The Greenspan Era: Discretion, Rather than Rules," American Economic Review, American Economic Association, vol. 96(2), pages 174-177, May.
    3. Benjamin M. Friedman, 2005. "What Remains from the Volcker Experiment?," NBER Working Papers 11346, National Bureau of Economic Research, Inc.
    4. Hanson, Michael S., 2004. "The "price puzzle" reconsidered," Journal of Monetary Economics, Elsevier, vol. 51(7), pages 1385-1413, October.
    5. Benjamin M. Friedman, 2005. "What remains from the Volcker experiment?," Review, Federal Reserve Bank of St. Louis, vol. 87(Mar), pages 323-328.
    6. Allan Meltzer, 1998. "Monetarism: The issues and the outcome," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(1), pages 8-31, March.

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