Federal Credit, Private Credit, and Economic Activity
发现联邦债务与非联邦（私人）债务对经济活动的影响显著不同，因此美联储仅监测总债务会忽略重要信息。
The Federal Open Market Committee has been monitoring total domestic nonfinancial debt since early 1983. The evidence reported in this paper shows that the federal and non-federal ( private) components of the debt have significantly different impacts on economic activity. Thus, monitoring total debt, rather than its major subcomponents, implies that the Federal Open Market Committee is ignoring important information contained in a more disaggregated analysis. Copyright 1990 by Ohio State University Press.