These features greatly complicate the choice methods and mechanisms to implement the tactical objectives of monetary policy. When choosing tactical purposes it is important to take into account such characteristics of the latter: – the ability to measure progress results – the possibility of operational control – the possibility of operational impact on the relevant economic processes. If the change in money supply affect the shift in aggregate demand and macroeconomic indicators, changes in interest rates and exchange rates may affect not only aggregate demand, and the interests of individual economic agents and cause substantial structural changes in the economy. In this regard, the implementation of major regulatory problems depends on the correct association of tactical objectives. For example, through changes in interest rates and exchange rates can be offset inflationary pressure from the growth of money supply in circulation. The main feature of the selected targets should be their direct contact with drawn by the strategic objectives. In the XIX century. under the gold standard adjustment of internal trade prices and exchange rates take place automatically by moving gold and short-term capital between countries and within countries currency issue was regulated by the central bank gold reserves.
Therefore, among methods of monetary regulation predominated accounting policies aimed at curbing the outflow of gold for the country's borders. In the 20's and 30's of XX century. monetary policy was focused on domestic economic problems of individual countries. In connection with the transition from the golden monometalizma to the system of irredeemable credit money greatly increased the possibility of central banks to influence the issue of money and the expansion of bank credit that gave impetus to the development of monetary theory of business cycles.