Hence, the Bundesbank indirectly targeted inflation, using money growth as a quantitative indicator to aid in the calibration of its policy. Notably, the evidence suggests that, when conflicts arose between its money growth targets and inflation targets, the Bundesbank generally chose to give greater weight to its 1 inflation targets (Bernanke and Mihov, 1997).
In recent years, the Reserve Banks’ boards of directors have made significant progress along these lines. Women now account for 34 percent of the directors, up from 24 percent five years ago. In addition, minorities now account for 29 percent of directors, up from 19 percent five years ago.