As examples of contrasting points of view, see B. Friedman, ‘What Remains from the Volcker Experiment’, Federal Reserve Bank of St. Louis Review, Vol. 87 March/April Part 2, 2005; M. Goodfriend and M. King, ‘The Incredible Volcker Disinflation’, Journal of Monetary Economics, Vol. 52, No.5, 2005.
Specifically, in 1974, the Bundesbank began to implement a policy of setting a target in terms of monetary aggregates, supported by a transparent communication of this target to guide the expectations of people and firms, with the aim of tempering the uncertainty caused by the end of Bretton Woods (O. Issing, ‘Why Did the Great Inflation Not Happen in Germany?’ Federal Reserve Bank of St. Louis Review, March/April, Part 2, 2005).