tag:blogger.com,1999:blog-3621026.post3254593215479936868..comments2024-03-29T06:05:04.162+01:00Comments on Robert's Stochastic thoughts: On Yglesias on FriedmanRoberthttp://www.blogger.com/profile/14455788499385673507noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3621026.post-2409040775238055592012-08-06T08:42:36.508+02:002012-08-06T08:42:36.508+02:00IIRC, the Federal Reserve doesn't believe it c...IIRC, the Federal Reserve doesn't believe it can control the money supply. Nor does it believe that monetary aggregates are useful predictors of inflation.<br /><br />"In 2000, when the Humphrey-Hawkins legislation requiring the Fed to set target ranges for money supply growth expired, the Fed announced that it was no longer setting such targets, because money supply growth does not provide a useful benchmark for the conduct of monetary policy. "<br /><br />http://www.ny.frb.org/aboutthefed/fedpoint/fed49.html<br /><br />I have a hard time understanding where M.Y. is getting his intuition.rsjhttps://www.blogger.com/profile/05489955485750918419noreply@blogger.com