Notes on "The Role of Monetary Policy" (by Milton Friedman)

The Role of Monetary Policy
by Milton Friedman
The American Economic Review, Volume LVIII, March 1968, Number 1
https://assets.aeaweb.org/assets/production/journals/aer/top20/58.1.1-17.pdf

The price level is clearly the most important in its own right
The link between the policy actions of the monetary authority and the price level, while unquestionably present, is more indirect than the link between the policy actions of the authority and any of the several monetary totals. Moreover, monetary action takes a longer time to affect the price level than to affect the monetary totals and both the time lag and the magnitude of effect vary with circumstances. As a result, we cannot predict at all accurately just what effect a particular monetary action will have on the price level and, equally important, just when it will have that effect.
The monetary authority avoids sharp swings in policy
By setting itself a steady course and keeping to it, the monetary authority could make a major contribution to promoting economic stability.