Inside the black box: the credit channel of monetary policy transmission
Article Abstract:
Empirical analysis on the effects of monetary policy has viewed the monetary transmission mechanism as a 'black box.' The credit channel's role in the black box of monetary policy transmission is presented. The balance sheet channel and the bank lending channel are two linkages examined. It is proposed that allowing a certain type of credit channel is needed to understand the response of the economy to changes in monetary policy.
Publication Name: Journal of Economic Perspectives
Subject: Economics
ISSN: 0895-3309
Year: 1995
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Systematic monetary policy and the effects of oil price shocks
Article Abstract:
The use of vector autoregression to assess the effects of oil price shocks on the systematic monetary policy showed that oil price shocks are brought about not by the increase in oil prices but by the subsequent tightening of monetary policy that is a reaction to the oil price increase. This response and effect is consistent in all the historical oil price increase data examined.
Publication Name: Brookings Papers on Economic Activity
Subject: Economics
ISSN: 0007-2303
Year: 1997
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Medium-term business cycles
Article Abstract:
The impact of medium-frequency oscillations on developed economies is evaluated.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 2006
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