トービンが推奨するターゲット

自分はまだまだ読書量が足りないし、高度な読書をする素養が足りないと痛感しました。
学問の世界は高度かつ広大なので、素養を身に付けるだけで何年もかかりそうで、趣味としてやっている身としては気が遠くなりそうですが、ぼちぼちとやっていきます。
Stabilization Policy Ten Years After
この文章の、ＰＤＦのページでは32ページ、原典のページでは50ページめ。

I think it would be preferable for the Federal Reserve to announce target ranges for MV growth a year ahead, indeed several years ahead. Alternatively, these could be expressed as two-dimensional brackets for GNP inflation and real GNP growth. This would leave the Federal Reserve free to follow policies consistent with these substantive targets without staking its credibility on hitting targets of only instrumental or indicative significance. The proposed targets would make clear the message the Federal Reserve has been trying to convey: that the economy's output path will be better when its wage and price performance improves. Disguised and confused in numbers for various esoteric Mi, this message does not now reach the audience that matters, especially when the accompanying
rhetoric suggests that variations in these aggregates affect price inflation rates directly and costlessly regardless of the behavior of business and labor. The two-dimensional brackets are desirable because the Federal Reserve does not necessarily wish to hold the economy to a point-forpoint trade-off between inflation and real growth. Ranges would allow not only for inevitable errors of forecast and control but also for flexibility in responding to shocks from international commodity and currency markets.

あえて訳しませんが、どうぞ読んでください。