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In March 1968, the US began an experiment in pure growth rate targeting. The value of the dollar was no longer fixed by any "level" type variable. Prior to March 1968, the dollar had been at least loosely linked to gold (at $35/ounce during 1934-68, and $20.67/ounce during 1879-1933.) It's time to bring this 52-year experiment in growth rate targeting to an end.
The experiment can be divided into three phases:
1. 1968 - 81 2. 1981 - 2008 3. 2009 - present
During the first period, the failure to set a price level target