Professor Friedman restates his three reasons for adding credit to the list of intermediate targets for monetary policy: (1) policymakers should broaden their sources of information to include observations on both the asset and liability sides of the public's balance sheet; (2) the domestic...

This paper deals with the neglected issue of central banks' social responsibility. Since central banks exert the "structural power" on economies as well as on societies, their power should be regulated and controlled by society through a reliable framework of social responsibility. To that aim,...