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Chicago Fed Letter, No. 51, November 1991
Credit Flows and the Credit Crunch

Recent weakness in money and credit growth combined with the continuing lackluster performance of the U.S. economy have softened the general distrust of debt growth and generated significant pressures to ease monetary policy until the rate of money and credit growth returns to historically normal rates. What is not well understood in this debate is the degree to which the changes in the make-up of U.S. credit flows that began in the 1980s has obscured the reality of the situation.

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