False. It is correct to say that central banks cannot directly control inflation in the short run. In principle, they would be able to exert more direct short-run control over the money supply (or at least the money base, or reserves), which might suggest money-supply targeting is a more
meaningful aim than targeting inflation. However, while the money supply could be controlled more precisely, this is not an end in itself. The central bank most likely cares about the money supply only to the extent that it influences its ultimate goals, such as price stability. Hence, if inflation cannot be controlled in the short run, then it cannot be controlled in the short run by keeping the money supply under tight control. Money supply targeting would only be superior if it offered a better route to long-run inflation control. It is far from clear it does (for example, because money demand may be unstable), and the statement in the question certainly does not suggest it does. Hence, the statement is not a coherent argument for monetary targeting.