How important is Money in the Conduct of Monetary Policy?

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I consider some of the leading arguments for assigning an important role to tracking the growth of monerary aggregates when making decisions about monetary policy. First,whether ignoring money means returning to the conceptual framework that allowed the high inflation of the 1970s. Second.whether models of inflation detrmination with no role for money are incomplete, or inconsistent with elemetary economic principles.Third, the implications for monetary jpolicy strategy of the empirical evidence for a long-run relationship between money growth and inflation.Fourth, resons why a monetary policy stratefy 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. - Michael Woodford.