Slow the growth of money and you slow the rate of inflation with minimal consequences for economic growth was how the theory went. This was the state of play when I came to Western in 1978, and there was solid academic support for that policy framework.
But by the time I arrived at the Bank of Canada in 1981, there was growing disenchantment with monetary targeting, as the link with inflation was proving to be unreliable. For practical reasons, the target had to be abandoned.