000			02314cam a22003137 4500
001			w0980
003			NBER
005			20211020115335.0
006			m o d
007			cr cnu||||||||
008			210910s1982 mau fo 000 0 eng d
100	1		_aFriedman, Benjamin M. _910772
245	1	0	_aMonetary Policy with a Credit Aggregate Target / _cBenjamin M. Friedman.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1982.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w0980
500			_aSeptember 1982.
520	3		_aThe principal criteria for the selection of an intermediate target for monetary policy are (1) that the target be closely related to the nonfinancial objectives of monetary policy, (2) that it contain information about the future movements of those relevant aspects of the nonfinancial economy, (3) that it be closely connected to the instruments over which the central bank can exert direct control, and (4) that data on it be readily available on a timely basis. The evidence presented in this paper indicates that, on each of the four criteria considered, total net credit is just as suitable as any of the monetary aggregates to serve as an intermediate target for monetary policy in the United States. As long as the Federal Reserve Sys tem continues to use an intermediate target procedure, this evidence is consistent with adopting a two-target framework based on both money and credit, thereby drawing on information from both sides of the public's balance sheet for the set of signals that govern the systematic response of monetary policy to economic events.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w0980.
856	4	0	_uhttps://www.nber.org/papers/w0980
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w0980
942			_2ddc _cW-PAPER
999			_c347602 _d306164