<p>The title of these comments in the program is the optimal rate of money growth. I am certain that the Board members do not intend to hold a discussion at the level at which that topic is discussed by economists, so I have interpreted the topic liberally. The related issues that I discuss are: (1) the path for money growth (2) the problem of variability of monetary growth, and (3) the consequences of variable money growth for interest rates.</p>