Money, Credit and Economic Activity

R. Dixon
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R. Dixon: University of New South Wales, Kensington, NSW

Economic Analysis and Policy, 1988, vol. 18, issue 2, 229-244

Abstract: The purpose of this paper is to examine the effect of deregulation on the relationship between financial aggregates and economic activity. Various empirical tests are applied to examine the stability of the relationship between monetary/credit aggregates and Gross Domestic Product (GDP). The results of this study show that the traditional relationships between the growth rate of GDP and the growth rates of financial aggregates have been affected by the recent rapid deregulation of financial markets. Therefore, these aggregates may not serve as a satisfactory target and indicator for monetary policy. Some discussion of other strategies for monetary policy is also included.

Date: 1988
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