The 1 reference context in paper William Poole () “Monetary aggregates targeting in a low-inflation economy” / RePEc:fip:fedbcp:y:1994:p:87-135:n:38

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    M2 should not, I believe, be thought of as a policy instrument; if the central bank is to pursue an M2 target, it should be viewed as an intermediate target between policy instruments and policy goals. The problems of targeting intermediate variables were explained years ago by
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    Benjamin Friedman (1975)
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    Friedman (1975). Basically, pursuing an intermediate target adds a layer of control errors that makes control of the final goal variables less accurate than it could be by operating on policy instruments directly.
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