JOURNAL OF MONEY CREDIT AND BANKING PDF



Journal Of Money Credit And Banking Pdf

A Normative Approach to Bank Capital Adequacy Journal of. Banking competition, collateral constraints and optimal monetary policy (Forthcoming, Journal of Money Credit and Banking) Javier AndrØsy University of Valencia, Forthcoming, Journal of Money, Credit, and Banking, Volume 35, 2003 Abstract This paper examines technological progress and its effects in the banking industry. Banks are intensive users of both IT and financial technologies, and have a wealth of data available that may be helpful for the general understanding of the effects of technological change. The research suggests improvements in costs.

Forthcoming Journal of Money Credit and Banking

IRWIN-2014-Journal_of_Money_Credit_and_Banking.pdf. Read "Discussion of Correa, Lee, Sapriza, and Suarez, Journal of Money, Credit and Banking" on DeepDyve, the largest online rental service for scholarly research with thousands of academic publications available at your fingertips., 152 : MONEY, CREDIT, AND BANKING central banker more inflation averse than himself. However, the "median voter" wants to be "time inconsistent" and recall the central banker, who, ex post, is being.

The Journal of Money, Credit and Banking Project BY WILLIAM G. DEWALD, JERRY G. THURSBY, AND RICHARD G. ANDERSON* This paper examines the role of replication in … The Journal of Money, Credit and Banking is a peer-reviewed economics journal covering monetary and financial issues in macroeconomics. It is published by Wiley-Blackwell on behalf of the Ohio State University Department of Economics.

Credit Lines and Credit Utilization Sumit Agarwal , Brent W. Ambrose , Chunlin Liu Journal of Money, Credit, and Banking Journal of Economic Perspectives 2013 O’Rourke & Taylor “Cross of Euros” jep.27.3.167 Journal of Money, Credit and Banking 2013 Jordà, Schularick & Taylor “When Credit Bites Back” w17621.pdf

64 : MONEY, CREDIT, AND BANKING Given these rejections, some authors have moved toward a "partisan theory" of macroeconomic policy. The original proponent of this view was Hibbs ( 1977), The Effects of Money Growth on Inflation and Interest Rates Across Spectral Frequency Bands Mark A. Thoma Journal of Money, Credit and Banking, Vol. 26, No. 2.

The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal's emphasis … 174 : MONEY, CREDIT, AND BANKING are thereby shown to result in significant errors in monetary research, theory, and policy. I. AN ISO-UTILITY PRICE …

Forthcoming, Journal of Money, Credit, and Banking, Volume 35, 2003 Abstract This paper examines technological progress and its effects in the banking industry. Banks are intensive users of both IT and financial technologies, and have a wealth of data available that may be helpful for the general understanding of the effects of technological change. The research suggests improvements in costs Forthcoming Journal of Money, Credit and Banking Another Perspective on the Effects of Inflation Uncertainty John Elder John.Elder@ndsu.nodak.edu

922 : MONEY, CREDIT, AND BANKING especially important due to the nonlinearity of the half-life formula because small differences in the estimated value of … The Journal of Money, Credit and Banking Project BY WILLIAM G. DEWALD, JERRY G. THURSBY, AND RICHARD G. ANDERSON* This paper examines the role of replication in …

The Journal of Money, Credit and Banking is a peer-reviewed economics journal covering monetary and financial issues in macroeconomics. It is published by Wiley-Blackwell on behalf of the Ohio State University Department of Economics. The Chicago Tradition, The Quantity Theory, And Friedman Author(s): Don Patinkin Source: Journal of Money, Credit and Banking, Vol. 1, No. 1 (Feb., 1969), pp. 46-70

Journal of Money, Credit and Banking, Vol. 36, No. 3, Part 2: Bank Concentration and Competition: An Evolution in the Making A Conference Sponsored by … the demand for money (or, equivalently, reducing the velocity of money). Recently, Hall and Noble (1987) has presented evidence in support of the aforementioned money growth volatility hypothesis.

Forthcoming, Journal of Money Credit and Banking Pegged Exchange Rate Regimes – A Trap?* Joshua Aizenman and Reuven Glick February 2007 Joshua Aizenman Reuven Glick Banking involves the extension of credit, and credit leads to the creation of additional purchasing power or, to use a different phrase, of money substitutes. The importance of credit and banking in medieval times should not be underrated, as is sometimes done by placing undue emphasis on later developments in England. Professor Usher is preparing a treatise on the early history of banking in

A General Equilibrium Approach to Monetary Theory (PDF)

journal of money credit and banking pdf

The Chicago Tradition The Quantity Theory And Friedman. JOURNAL NAME: Modern Economy DOI: 10.4236/me.2014.54032 Sep 06, 2014 ABSTRACT: This paper uses a series of Tanzania’s annual real GDP data for the period of 1970 to 2010, to investigate the transmission channels through which the ongoing financial crisis is affecting the economy., JOURNAL NAME: Modern Economy DOI: 10.4236/me.2014.54032 Sep 06, 2014 ABSTRACT: This paper uses a series of Tanzania’s annual real GDP data for the period of 1970 to 2010, to investigate the transmission channels through which the ongoing financial crisis is affecting the economy..

Professor Alan M. Taylor

journal of money credit and banking pdf

Measuring the Macroeconomic Impact of Monetary Policy at. MONEY, CREDIT, AND BANKING LECTURE Monetary Policy Theory and Practice MILTON FRIEDMAN* In respect of the theory of monetary policy, I am reminded of the comment that The Journal of Money, Credit and Banking is a peer-reviewed economics journal covering monetary and financial issues in macroeconomics. It is published by Wiley-Blackwell on behalf of the Ohio State University Department of Economics..

journal of money credit and banking pdf


2 : MONEY, CREDIT, AND BANKING olution redirected effort away from this question to the one of determining the level of output at a point in time in disequilibrium, the failure of the Keynesian Theory in 206 : MONEY, CREDIT AND BANKING formarlce.3 Whatever the merits of such studies it does seem premature to ask how bank behavior is affected by variations in market structure when we have

Forthcoming Journal of Money, Credit and Banking Another Perspective on the Effects of Inflation Uncertainty John Elder John.Elder@ndsu.nodak.edu Journal of Money, Credit and Banking, 1996, vol. 28, issue 4, 733-62 Abstract: Systemic risk refers to the propagation of a bank's economic distress to other economic agents linked to that bank through financial transactions.

The Effects of Money Growth on Inflation and Interest Rates Across Spectral Frequency Bands Mark A. Thoma Journal of Money, Credit and Banking, Vol. 26, No. 2. the demand for money (or, equivalently, reducing the velocity of money). Recently, Hall and Noble (1987) has presented evidence in support of the aforementioned money growth volatility hypothesis.

: money, credit, and banking real share prices (line 13b), although estimated coefficients are not always statistically significant. On the nominal side of the economy, banking panics significantly lower the money multiplier (proxied in line 4b of Table 3 by the ratio of Ml to currency), as expected. Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and …

Forthcoming, Journal of Money Credit and Banking Pegged Exchange Rate Regimes – A Trap?* Joshua Aizenman and Reuven Glick February 2007 Joshua Aizenman Reuven Glick money, credit, and banking The Fed's theory failed to consider that banks borrow to meet investment and lending opportunities, and hence it did not capture the procyclical nature of …

Macroeconomic Dynamics and Credit Risk: A Global Perspective M. Hashem Pesaran, Til Schuermann, Bjorn-Jakob Treutler, Scott M. Weiner Journal of Money, Credit, and Banking, Volume 38, Number 5, August 2006, 174 : MONEY, CREDIT, AND BANKING are thereby shown to result in significant errors in monetary research, theory, and policy. I. AN ISO-UTILITY PRICE …

The Chicago Tradition, The Quantity Theory, And Friedman Don Patinkin Journal of Money, Credit and Banking, Vol. 1, No. 1. (Feb., 1969), pp. 46-70. debates on the influences of concentration and competition in the banking industry.2 In light of these considerations, this special issue of the JMCB seeks to broaden and deepen our understanding of the impacts of bank concentration and co mpetition on bank performance.

: money, credit, and banking real share prices (line 13b), although estimated coefficients are not always statistically significant. On the nominal side of the economy, banking panics significantly lower the money multiplier (proxied in line 4b of Table 3 by the ratio of Ml to currency), as expected. debates on the influences of concentration and competition in the banking industry.2 In light of these considerations, this special issue of the JMCB seeks to broaden and deepen our understanding of the impacts of bank concentration and co mpetition on bank performance.

670 : MONEY, CREDIT, AND BANKING of little consequence as far as inflation determination is concerned, and second, that monetary policy has little effect upon the government budget. 174 : MONEY, CREDIT, AND BANKING are thereby shown to result in significant errors in monetary research, theory, and policy. I. AN ISO-UTILITY PRICE …

journal of money credit and banking pdf

Journal of Money, Credit and Banking, 1996, vol. 28, issue 4, 733-62 Abstract: Systemic risk refers to the propagation of a bank's economic distress to other economic agents linked to that bank through financial transactions. The Chicago Tradition, The Quantity Theory, And Friedman Don Patinkin Journal of Money, Credit and Banking, Vol. 1, No. 1. (Feb., 1969), pp. 46-70.

Monetary Theory and the Great Capitol Hill Baby Sitting Co

journal of money credit and banking pdf

The Effects of Money Growth on Inflation and Interest. Journal of Money, Credit and Banking, 1996, vol. 28, issue 4, 733-62 Abstract: Systemic risk refers to the propagation of a bank's economic distress to other economic agents linked to that bank through financial transactions., 8 8 : MONEY, CREDIT, AND BANKING 2,100 hours per year. With no membership turnover, then, co-op outgo would be 1,902, and the amount of scrip outstanding would fall by 198 hours per year..

Krugman P. (1979) A Model of Balance of Payments Crises

Author(s) Milton Friedman Source Journal of Money. The Journal of Money, Credit and Banking Project BY WILLIAM G. DEWALD, JERRY G. THURSBY, AND RICHARD G. ANDERSON* This paper examines the role of replication in …, Credit Lines and Credit Utilization Sumit Agarwal , Brent W. Ambrose , Chunlin Liu Journal of Money, Credit, and Banking.

money, credit and banking analysts could have predicted the enormous decline in output that followed the October 1929 stock market crash (Dominguez, Fair, and Shapiro 1988). The Journal of Money, Credit and Banking Project BY WILLIAM G. DEWALD, JERRY G. THURSBY, AND RICHARD G. ANDERSON* This paper examines the role of replication in …

560 : MONEY, CREDIT, AND BANKING the ideas in this new literature have appeared earlier, though in less formal state- ments. My discussion thus includes earlier work as well, beginning with the pe- 152 : MONEY, CREDIT, AND BANKING central banker more inflation averse than himself. However, the "median voter" wants to be "time inconsistent" and recall the central banker, who, ex post, is being

The Chicago Tradition, The Quantity Theory, And Friedman Don Patinkin Journal of Money, Credit and Banking, Vol. 1, No. 1. (Feb., 1969), pp. 46-70. debates on the influences of concentration and competition in the banking industry.2 In light of these considerations, this special issue of the JMCB seeks to broaden and deepen our understanding of the impacts of bank concentration and co mpetition on bank performance.

Journal of Money, Credit and Banking, Vol. 36, No. 3, Part 2: Bank Concentration and Competition: An Evolution in the Making A Conference Sponsored by … Expected Social Welfare under a Convex Phillips Curve and Asymmetric Policy Preferences Demosthenes N. Tambakis Journal of Money, Credit and Banking, Vol. 34, No. 2.

922 : MONEY, CREDIT, AND BANKING especially important due to the nonlinearity of the half-life formula because small differences in the estimated value of … 254: MONEY, CREDIT AND BANKING (commonly known as quantitative easing [QE]) and forward guidance to try to affect long-term interest rates and influence the economy.

Forthcoming Journal of Money, Credit and Banking Another Perspective on the Effects of Inflation Uncertainty John Elder John.Elder@ndsu.nodak.edu the Fed's concern over the growth rate of money and credit, or its concern over the pace of economic activity, the inflation rate, or some other macroeconomic variable.

Journal of Money, Credit, and Banking, Vol. 36, No. 3 (June 2004, Part 2) Published in 2004 by The Ohio State University Press. 454 : MONEY, CREDIT, AND BANKING Credit Lines and Credit Utilization Sumit Agarwal , Brent W. Ambrose , Chunlin Liu Journal of Money, Credit, and Banking

Journal of Money, Credit and Banking, 1996, vol. 28, issue 4, 733-62 Abstract: Systemic risk refers to the propagation of a bank's economic distress to other economic agents linked to that bank through financial transactions. You have printed the following article: Liquidity and Risk Management Bengt Holmström; Jean Tirole Journal of Money, Credit and Banking, Vol. 32, No. 3, Part 1.

money, credit and banking analysts could have predicted the enormous decline in output that followed the October 1929 stock market crash (Dominguez, Fair, and Shapiro 1988). 174 : MONEY, CREDIT, AND BANKING are thereby shown to result in significant errors in monetary research, theory, and policy. I. AN ISO-UTILITY PRICE …

: money, credit, and banking real share prices (line 13b), although estimated coefficients are not always statistically significant. On the nominal side of the economy, banking panics significantly lower the money multiplier (proxied in line 4b of Table 3 by the ratio of Ml to currency), as expected. You have printed the following article: Liquidity and Risk Management Bengt Holmström; Jean Tirole Journal of Money, Credit and Banking, Vol. 32, No. 3, Part 1.

money, credit and banking analysts could have predicted the enormous decline in output that followed the October 1929 stock market crash (Dominguez, Fair, and Shapiro 1988). 8 8 : MONEY, CREDIT, AND BANKING 2,100 hours per year. With no membership turnover, then, co-op outgo would be 1,902, and the amount of scrip outstanding would fall by 198 hours per year.

Journal of Money, Credit, and Banking, Vol. 36, No. 3 (June 2004, Part 2) Published in 2004 by The Ohio State University Press. 454 : MONEY, CREDIT, AND BANKING In 1982, the Journal of Money, Credit and Banking (JMCB) in- itiated the JMCB Data Storage and Evaluation Project (Dewald et al., 1986). Within this project, the JMCB required authors to make the

MONEY, CREDIT, AND BANKING LECTURE Monetary Policy Theory and Practice MILTON FRIEDMAN* In respect of the theory of monetary policy, I am reminded of the comment that Description: Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading professional journal read and referred to by scholars, researchers, and policymakers in the areas of money and banking, credit markets, regulation of financial institutions, international payments, portfolio management, and monetary and fiscal policy.

Read "An Unobserved Components Model of the Yield Curve, Journal of Money, Credit and Banking" on DeepDyve, the largest online rental service for scholarly research with thousands of academic publications available at your fingertips. Forthcoming Journal of Money, Credit and Banking Another Perspective on the Effects of Inflation Uncertainty John Elder John.Elder@ndsu.nodak.edu

The Chicago Tradition, The Quantity Theory, And Friedman Author(s): Don Patinkin Source: Journal of Money, Credit and Banking, Vol. 1, No. 1 (Feb., 1969), pp. 46-70 MONEY, CREDIT, AND BANKING LECTURE Monetary Policy Theory and Practice MILTON FRIEDMAN* In respect of the theory of monetary policy, I am reminded of the comment that

Expected Social Welfare under a Convex Phillips Curve and Asymmetric Policy Preferences Demosthenes N. Tambakis Journal of Money, Credit and Banking, Vol. 34, No. 2. Forthcoming Journal of Money, Credit and Banking Another Perspective on the Effects of Inflation Uncertainty John Elder John.Elder@ndsu.nodak.edu

152 : MONEY, CREDIT, AND BANKING central banker more inflation averse than himself. However, the "median voter" wants to be "time inconsistent" and recall the central banker, who, ex post, is being money, credit, and banking The Fed's theory failed to consider that banks borrow to meet investment and lending opportunities, and hence it did not capture the procyclical nature of …

206 : MONEY, CREDIT AND BANKING formarlce.3 Whatever the merits of such studies it does seem premature to ask how bank behavior is affected by variations in market structure when we have money, credit and banking analysts could have predicted the enormous decline in output that followed the October 1929 stock market crash (Dominguez, Fair, and Shapiro 1988).

Journal of International Money and Finance ScienceDirect.com

journal of money credit and banking pdf

Replication in Empirical Economics The Journal of Money. Journal of Money, Credit and Banking, Vol. 36, No. 3, Part 2: Bank Concentration and Competition: An Evolution in the Making A Conference Sponsored by …, 206 : MONEY, CREDIT AND BANKING formarlce.3 Whatever the merits of such studies it does seem premature to ask how bank behavior is affected by variations in market structure when we have.

Professor Alan M. Taylor. 922 : MONEY, CREDIT, AND BANKING especially important due to the nonlinearity of the half-life formula because small differences in the estimated value of …, 772 : MONEY, CREDIT, AND BANKING effects.2 In this literature money only affects growth in the short run, because in steady state growth is given by the sum of ….

Journal of Money Credit and Banking

journal of money credit and banking pdf

The Chicago Tradition The Quantity Theory And Friedman. Description: Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading professional journal read and referred to by scholars, researchers, and policymakers in the areas of money and banking, credit markets, regulation of financial institutions, international payments, portfolio management, and monetary and fiscal policy. PDF Agency issues associated with different types of firm ownership are an area of concern in many banking systems where state-owned banks operate alongside mutual and private-sector institutions..

journal of money credit and banking pdf

  • Source Journal of Money Credit and Banking Vol. 33 No
  • Postwar U.S. Business Cycles An Empirical Investigation

  • 206 : MONEY, CREDIT AND BANKING formarlce.3 Whatever the merits of such studies it does seem premature to ask how bank behavior is affected by variations in market structure when we have The Chicago Tradition, The Quantity Theory, And Friedman Author(s): Don Patinkin Source: Journal of Money, Credit and Banking, Vol. 1, No. 1 (Feb., 1969), pp. 46-70

    money, credit and banking analysts could have predicted the enormous decline in output that followed the October 1929 stock market crash (Dominguez, Fair, and Shapiro 1988). 772 : MONEY, CREDIT, AND BANKING effects.2 In this literature money only affects growth in the short run, because in steady state growth is given by the sum of …

    The Effects of Money Growth on Inflation and Interest Rates Across Spectral Frequency Bands Mark A. Thoma Journal of Money, Credit and Banking, Vol. 26, No. 2. Journal of Economic Perspectives 2013 O’Rourke & Taylor “Cross of Euros” jep.27.3.167 Journal of Money, Credit and Banking 2013 Jordà, Schularick & Taylor “When Credit Bites Back” w17621.pdf

    2 : MONEY, CREDIT, AND BANKING olution redirected effort away from this question to the one of determining the level of output at a point in time in disequilibrium, the failure of the Keynesian Theory in The Chicago Tradition, The Quantity Theory, And Friedman Don Patinkin Journal of Money, Credit and Banking, Vol. 1, No. 1. (Feb., 1969), pp. 46-70.

    2 The rest of this lecture deals with the current system, namely, a domestic fiat currency plus a system of flexible exchange rates. A system of flexible exchange rates does not in practice mean Read "Discussion of Correa, Lee, Sapriza, and Suarez, Journal of Money, Credit and Banking" on DeepDyve, the largest online rental service for scholarly research with thousands of academic publications available at your fingertips.

    forms that align incentives with environmental conservation, encourage the generation and dissemination of ecological information through mar-ket exchange, and … 560 : MONEY, CREDIT, AND BANKING the ideas in this new literature have appeared earlier, though in less formal state- ments. My discussion thus includes earlier work as well, beginning with the pe-

    Description: Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading professional journal read and referred to by scholars, researchers, and policymakers in the areas of money and banking, credit markets, regulation of financial institutions, international payments, portfolio management, and monetary and fiscal policy. 560 : MONEY, CREDIT, AND BANKING the ideas in this new literature have appeared earlier, though in less formal state- ments. My discussion thus includes earlier work as well, beginning with the pe-

    Journal of Money, Credit and Banking, 1996, vol. 28, issue 4, 733-62 Abstract: Systemic risk refers to the propagation of a bank's economic distress to other economic agents linked to that bank through financial transactions. 20 : MONEY, CREDIT, AND BANKING Much less trivial, however, are the dynamics of the crisis itself. With perfect foresight, examples can be developed where the announcement of an inconsistent

    Journal of Money, Credit and Banking is currently edited by Robert deYoung, Paul Evans, Pok-Sang Lam and Kenneth D. West More articles in Journal of Money, Credit and Banking … “Monetary Variability: United States and Japan - Note” by Milton Friedman Journal of Money, Credit, and Banking 15, August 1983, pp. 339-343

    Analysis of these money market rate fluctuations by Sealy [4] suggests that there is a large and significant seasonal component in the various short-term interest rate series. Description: Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading professional journal read and referred to by scholars, researchers, and policymakers in the areas of money and banking, credit markets, regulation of financial institutions, international payments, portfolio management, and monetary and fiscal policy.

    Description: Founded in 1969, the Journal of Money, Credit and Banking (JMCB) is a leading professional journal read and referred to by scholars, researchers, and policymakers in the areas of money and banking, credit markets, regulation of financial institutions, international payments, portfolio management, and monetary and fiscal policy. : money, credit, and banking real share prices (line 13b), although estimated coefficients are not always statistically significant. On the nominal side of the economy, banking panics significantly lower the money multiplier (proxied in line 4b of Table 3 by the ratio of Ml to currency), as expected.

    Journal of Money, Credit and Banking, 1996, vol. 28, issue 4, 733-62 Abstract: Systemic risk refers to the propagation of a bank's economic distress to other economic agents linked to that bank through financial transactions. 922 : MONEY, CREDIT, AND BANKING especially important due to the nonlinearity of the half-life formula because small differences in the estimated value of …

    In 1982, the Journal of Money, Credit and Banking (JMCB) in- itiated the JMCB Data Storage and Evaluation Project (Dewald et al., 1986). Within this project, the JMCB required authors to make the 2 : MONEY, CREDIT, AND BANKING olution redirected effort away from this question to the one of determining the level of output at a point in time in disequilibrium, the failure of the Keynesian Theory in

    Forthcoming, Journal of Money, Credit and Banking The Great Depression and Output Persistence: A Reply to Papell and Prodan Christian J. Murray Journal of Money, Credit and Banking, Vol. 36, No. 3, Part 2: Bank Concentration and Competition: An Evolution in the Making A Conference Sponsored by …

    The Journal of Money, Credit and Banking is a peer-reviewed economics journal covering monetary and financial issues in macroeconomics. It is published by Wiley-Blackwell on behalf of the Ohio State University Department of Economics. 772 : MONEY, CREDIT, AND BANKING effects.2 In this literature money only affects growth in the short run, because in steady state growth is given by the sum of …

    The Effects of Money Growth on Inflation and Interest Rates Across Spectral Frequency Bands Mark A. Thoma Journal of Money, Credit and Banking, Vol. 26, No. 2. 2 The rest of this lecture deals with the current system, namely, a domestic fiat currency plus a system of flexible exchange rates. A system of flexible exchange rates does not in practice mean

    772 : MONEY, CREDIT, AND BANKING effects.2 In this literature money only affects growth in the short run, because in steady state growth is given by the sum of … “Monetary Variability: United States and Japan - Note” by Milton Friedman Journal of Money, Credit, and Banking 15, August 1983, pp. 339-343

    20 : MONEY, CREDIT, AND BANKING Much less trivial, however, are the dynamics of the crisis itself. With perfect foresight, examples can be developed where the announcement of an inconsistent The Effects of Money Growth on Inflation and Interest Rates Across Spectral Frequency Bands Mark A. Thoma Journal of Money, Credit and Banking, Vol. 26, No. 2.

    Journal of Economic Perspectives 2013 O’Rourke & Taylor “Cross of Euros” jep.27.3.167 Journal of Money, Credit and Banking 2013 Jordà, Schularick & Taylor “When Credit Bites Back” w17621.pdf PDF Agency issues associated with different types of firm ownership are an area of concern in many banking systems where state-owned banks operate alongside mutual and private-sector institutions.

    journal of money credit and banking pdf

    money, credit and banking analysts could have predicted the enormous decline in output that followed the October 1929 stock market crash (Dominguez, Fair, and Shapiro 1988). the Fed's concern over the growth rate of money and credit, or its concern over the pace of economic activity, the inflation rate, or some other macroeconomic variable.