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This paper discusses the relationships among the quantity theory of money, monetarism, and policy regimes based on money-growth and inflation targeting as a prelude to an exposition of alternative views of the role of money in the transmission mechanism of monetary policy. The passive money view treats the money supply as an endogenous variable that plays no role in that mechanism. In contrast, the active money view, while recognizing the endogeneity of money, nevertheless treats it as having causative significance for the behaviour of output and inflation. The paper argues the plausibility of the active view on both theoretical and empirical grounds. The paper also discusses the implications of the active view with regard to the Bank of Canada's attention to the behaviour of monetary aggregates in the design and implementation of monetary policy.