Money, Credit, and Federal Reserve Policy: Reply to Porter and Offenbacher
5 Pages Posted: 24 Aug 2012
Date Written: 1983
I am grateful for the careful and painstaking effort that Richard Porter and Edward Offenbacher have devoted to replicating and extending parts of my empirical work on the relationship between nonfinancial economic activity and the economy’s total net credit outstanding, and I welcome the chance to respond to their paper as an opportunity to comment on several important questions about monetary policy in the context of that relationship.
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