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Economic Commentary

Domestic Nonfinancial Debt: After Three Years of Monitoring

The Federal Reserve is required by the Full Employment and Balanced Growth Act of 1978 to report to Congress its annual growth objectives for money and credit. Over the years, most attention has been paid to objectives for measures of moneyparticularly Ml, which traditionally served as the primary guide for monetary policy. Recently, however, measures of credit have received more attention by researchers.

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 for updates.

Suggested Citation

Carlson, John B. 1986. “Domestic Nonfinancial Debt: After Three Years of Monitoring.” Federal Reserve Bank of Cleveland, Economic Commentary 7/1/1986.