Although I am not completely averse to the use of monetary aggregates in these circumstances, my feeling is that they are not more useful than any other credit aggregates. Furthermore, the use of credit aggregates is probably safer than the monetary aggregates. Monetary aggregates are a fairly arbitrary hodge-podge of instruments. (Why would we expect that there is any useful information in the sum of currency in circulation and required reserves?) If we look at credit data, we are more likely to have a cleaner read on what is actually happening within the economy.Bond Economics
Should We Care About Strong Money Supply Growth?