In recent years there has been growing acceptance of the view that controlling the growth of monetary aggregates is a useful strategy for purposes of economic stabilization. In particular, it is argued that the probability of achieving the desired growth of nominal gross national product (also referred to as income) can be improved by controlling growth of the monetary aggregates. Thus, assuming that in the long run real GNP grows at a constant rate determined by growth of the labor force and productivity, then controlling the long-run growth of nominal GNP would be an effective means of controlling the rate of inflation.