Credit as Intermediate Target of Monetary Policy?

  • Wolfgang Filc


Monetarism is in retreat. The to date assumedly ‘essential’ cornerstones of monetarist theorising are again open to question. Many of the pertinent questions now emerging are basically asking how the financial and the real sectors of an economy interact; how the transmission process of monetary impulses operates; and finally, whether the money supply in whatever form of monetary aggregates, debt measures or interest rates should be used for monetary targeting.


Interest Rate Monetary Policy Central Bank Commercial Bank Credit Rationing 
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© Stephen F. Frowen 1993

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  • Wolfgang Filc

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