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...Nber workinq paper series the roles of money and credit in macroeconomic analysis benjamin m friedman working no national bureau economic research massachusetts avenue cambridge ma december reported here is part s program financial markets monetary economics any opinions expressed are those author not abstract this considers implications for modelling policy interrelationships among nonfinancial activity data united states since world war ii show that volume outstanding as closely related to stock moreover neither nor sufficient account fully effect deterinin ing real instead what appears matter an interaction between result consistent with a strategy deals explicitly both market framework based on joint use growth target harvard university department littauer center revised october thinking about relationships quantity measures happening most economists makers today focus primarily if exclusively at theoretical level implicit assump tion underlying current necessary represent relevant...