The use of quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did.
About this quote
- What does it mean?
- Using money quantity as a target has not worked well, and the author doubts it now.
- In plain terms
- Trying to control money supply targets failed, and I am less sure now.
- What can you take from it?
- Monetary targets are not always effective.
Where it applies
Putting it to work
Questions to consider
- What worked?
- Why change?
Another view
It might work better under different conditions.
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