In fact,  23 24 25  26  M. Goodfriend, cit. M. Woodford, ‘How Important is Money in the Conduct of Monetary Policy?’, NBER Working paper, 13325, 2007. See, for example, J.B. Taylor, ‘Discretion Versus Policy Rules in Practice’, in Carnegie-Rochester Conference Series on Public Policies, 39, North-Holland, 1993. See also Taylor’s preface to A Monetary History, discussed here today.
For a review, see L. Leidermann, L.E.O. Svensson (Eds. ), Inflation targets, London, CEPR, 1995. 7  in Europe, they seemed to keep their information content on future inflation for longer.27 As for M3, the ECB explicitly defined a benchmark growth rate (4.5 per cent).