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. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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