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Federal Credit, Private Credit, and Economic Activity

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  • Fackler, James S

Abstract

The Federal Open Market Committee has been monitoring total domestic nonfinancial debt since early 1983. The evidence reported in this paper shows that the federal and non-federal (" private") components of the debt have significantly different impacts on economic activity. Thus, monitoring total debt, rather than its major subcomponents, implies that the Federal Open Market Committee is ignoring important information contained in a more disaggregated analysis. Copyright 1990 by Ohio State University Press.

Suggested Citation

  • Fackler, James S, 1990. "Federal Credit, Private Credit, and Economic Activity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(4), pages 444-464, November.
  • Handle: RePEc:mcb:jmoncb:v:22:y:1990:i:4:p:444-64
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    Cited by:

    1. Jeong, Woocheon & Kymn, Kem O. & Kymn, Christine J., 2003. "The long-run interdependence of bank-health, investment-oriented bank loans, and economic performance: A time-series analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(1), pages 11-30.
    2. Rogers, John H. & Wang, Ping, 1995. "Output, inflation, and stabilization in a small open economy: Evidence from Mexico," Journal of Development Economics, Elsevier, vol. 46(2), pages 271-293, April.
    3. Vargas-Silva, Carlos, 2008. "Monetary policy and the US housing market: A VAR analysis imposing sign restrictions," Journal of Macroeconomics, Elsevier, vol. 30(3), pages 977-990, September.

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