ABSTRACT
Beginning in the mid to late 1970s all the large, and a few small, countries began to announce targets in the growth of one or more money aggregates. This was widely hailed at the time as a triumph for monetarist thinking. By the 1980s, however, there was some disenchantment with the policy and with monetarism. Some countries abandoned the policy altogether; others continued to use it but in a much less doctrinaire fashion.
