He wanted to take discretion away from the central bankers. He restrictored monetarism, where people are clamping down in order to cure inflation. His preferred world was a slow but steady growth in some fundamental measure of money that would roughly mirror the productivity level of the economy and insure stable prices. But he didn't find a persuasive way of telling practical people like pall volkar, this is how you do it because they couldn't agree on what bit of money you measured.