U.S. Monetary Policy and Falling Spreads on Internationally Syndicated Bank Loans, is there a Connection?
From the middle of 1974 to the early part of 1975 both the US monetary aggre-gates and estimates of real, short-term interest rates show that US monetary policy was tight. Monetary conditions eased somewhat in 1976, becoming even more expansive through 1977 and into 1978. By late 1979, further efforts were made to restrain the growth of the monetary aggregates and credit conditions tightened.
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