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Economic Commentary

M1A - M.I.A.?

For many years, monetary policy has been implemented largely through the pursuit of monetary aggregate targets. The Federal Open Market Committee (FOMC), the policy making arm of the Federal Reserve System, sets target ranges for the growth of various monetary aggregates, which are intended to be consistent with the broader objectives of policy.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Gavin, William T., and Michael Pakko. 1987. “M1A - M.I.A.?” Federal Reserve Bank of Cleveland, Economic Commentary 7/1/1987.