Woodford Michael author Columbia University. Economics Columbia University. Economics contributor originator text Working papers New York Department of Economics, Columbia University 2007 I consider some of the leading arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation of the 1970s. Second, I consider whether models of inflation determination with no role for money are incomplete, or inconsistent with elementary economic principles. Third, I consider the implications for monetary policy strategy of the empirical evidence for a long-run relationship between money growth and inflation. And fourth, I consider reasons why a monetary policy strategy based solely on short-run inflation forecasts derived from a Phillips curve may not be a reliable way of controlling inflation. I argue that none of these considerations provides a compelling reason to assign a prominent role to monetary aggregates in the conduct of monetary policy. Economics Finance 0607-16 http://hdl.handle.net/10022/AC:P:433 English NNC NNC 2011-03-28 10:33:01 -0400 2011-06-22 15:13:12 -0400 3344 eng