more sense to tie monetary policy to prices and not production.
In what world are prices not tied to production? You might take a look at the basic equation...
If prices are "tied" to production then--
--they're sure not tied very well. OK I know this is where the econ scholars say "your idea may look just fine in real life but how's it going to stack up when it meets cold hard theory?" So my problem's not w/ understanding various models' equations, it's in understanding why we need to watch something that supposedly "tied" to prices instead of just watching well, prices.