The cause of monetary policy is not lost, however; analytically, it can be shown that even if one of the multiple objectives is nominal among others that may be real, it can serve as the quintessential nominal anchor and enable monetary policy to work.
This view is supported by a pragmatic and influential strand in the literature which questions the recent proliferation of inflation targeting as a monetary policy framework (Friedman, 2000; McCallum, 1981). As regards inflation targeting, as the monetary policy regime fulfilling the single mandate advocacy, the jury is still out.