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Economic Commentary

The New Aggregates, Economic Activity, and Monetary Policy

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For a number of decades, economists have questioned traditional distinctions between money and other liquid assets and between commercial banks and other financial intermediaries. Over time these distinctions have become increasingly blurred. Yet there are fundamental differences in regulatory treatment of commercial banks and other financial intermediaries.

03.10.1980EC 3/10/1980

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.

Suggested Citation

Carlson, John B. 1980. “The New Aggregates, Economic Activity, and Monetary Policy.” Federal Reserve Bank of Cleveland, Economic Commentary 3/10/1980.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International