The Hodgman and Mayer Papers.

The article comments on the papers "Selective Credit Controls" by economist Donald Hodgman and "Financial Guidelines and Credit Controls," by economist Thomas Mayer. In both economist's research they present arguments against credit controls. It is explained that the general consensus among most economist is that credit controls contribute little to monetary restraint and are inefficient and undesirable means of influencing the allocation of credit in the economy. Several reasons are given to why credit controls have gained popularity.