Criteria for Useful Targeting: Money versus the Base and Other Variables
探讨货币政策目标选择，指出过度灵活的政策会助长通胀预期，导致不确定性和低效率，强调需将价格预期锚定在一致的需求政策上。
THE PROBLEM OF targeting variables numerically by means of monetary policy has acquired general interest as it has become increasingly clear that an all too flexible conduct of policy has led to very undesirable results. In general such flexibility is apt to accommodate inflationary price expectations in order to avoid the temporary depressive effects of nonaccommodation, and once the markets figure this out the inflationary price expectations and cost trends tend to steepen. In the event of continuous accommodation of the resultant steepening, the process would soon get out of hand; on the other hand, occasional temporary discontinuation of full accommodation produces an environment of substantial uncertainty and inefficiency. There has therefore developed growing awareness of the fact that price expectations and cost trends need to be anchored to a consistent course of demand policy. In specifiable aspects of its behavior, such a policy should