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On Consequences and Criticisms of Monetary Targeting

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  • Bennett T. McCallum

Abstract

The purpose of this paper is to review and evaluate the most important existing criticisms of policy strategies that feature adherence to money stock targets. Four main categories of criticism (and counterargumerits) are analyzed. The first of these involves the claim that accurate money stock control is infeasible while the second contends that such control can only be obtained along with extreme volatility of interest rates. The third emphasizes difficulties resulting from technical change and deregulation, and the fourth concerns strategic issues of rules vs. discretion, activist vs. non-activist policy, and the logical function of intermediate targets.

Suggested Citation

  • Bennett T. McCallum, 1985. "On Consequences and Criticisms of Monetary Targeting," NBER Working Papers 1596, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:1596
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    References listed on IDEAS

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    1. Bryant, Ralph C, 1982. "Federal Reserve Control of the Money Stock," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(4), pages 597-625, November.
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