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30007601745856003701821w3047NBER20131220130600.0131220s1991
mau||||fs|||| 000 0 eng d1 aMcCallum, Bennett T.10aTargets,
Indicators, and Instruments of Monetary Policyh[electronic
resource] /cBennett T. McCallum. aCambridge, Mass.bNational
Bureau of Economic Researchc1991.1 aNBER working paper
seriesvno. w3047 aMarch 1991.3 aIt has become increasingly
evident that the Federal Reserve's official strategy of the past
decade, involving the adherence to target paths for monetary
aggregates, is not currently being utilized to any significant
extent. While some commentators welcome and others deplore this
development, most would agree that a need exists for a more
explicit and coherent strategy for the conduct of monetary
policy. The present paper seeks to advance the strategic
discussion in several ways. O