Federal Credit, Private Credit, and Economic Activity

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...

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Bibliographic Details
Published in:Journal of money, credit and banking credit and banking, 1990-11, Vol.22 (4), p.444-464
Main Author: Fackler, James S.
Format: Article
Language:English
Subjects:
Aggregate
Aggregates
Analysis
Bank credit
Consumer credit
Covariance matrices
Credit
Credit policies
Economic activity
Economic fluctuations
Economic models
Economic policy
Economic research
Estimation methods
Federal Reserve monetary policy
GNP
Gross National Product
Interest rates
Monetary policy
Monetary theory
Money supply
Public borrowing
Regression analysis
Roles
Studies
Vector autoregression
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Description
Summary: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 sub-components implies that the Committee is ignoring important information contained in a more disaggregated analysis. (Printed by permission of the publisher.)
ISSN:0022-2879
1538-4616
DOI:10.2307/1992430