This paper analyzes the effectiveness of monetary policy on money and credit in Pakistan by using the data rich … shows an instantaneous decline and shows revival after 34 months. Credit to public sector enterprises and credit to private … sector both decline after a positive shock in monetary policy but credit to private sector declines more than credit to …

money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts … analyze. This finding questions the widespread notion that, since WWII, credit has become disconnected from broad money, and … suggests that, except for their greater productivity at creating broad money and credit out of base money, today's commercial …