Many countries dropped their use of money-growth targets in the 1980s because

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Many countries dropped their use of money-growth targets in the 1980s because money demand became unstable. The relationship between money supply growth and inflation became weak, as changes in monetary aggregates such as M1 and M2 failed to predict inflation accurately. As a result, central banks found it difficult to use money-supply growth as an intermediate target for monetary policy. This led to the adoption of alternative targets such as inflation targeting.

Many Countries Dropped Their Use of Money-Growth Targets in the 1980s