Bernake, B.S. and M. Gertler, 1995, Inside the black box: the credit channel of monetary policy transmission, Journal of Economic Perspectives 9, Fall 1995, 27-48.  Home/Search Document Not in Database Summary Related Articles |
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Asymmetric Adjustment of Commercial Bank Interest Rates in.. - Sander, Kleimeier (2000) (Correct)
....convergence in lending conditions so far. Secondly, given the high proportion of bank finance in Europe relative to the US UK as shown in Table 1 the lending channel is an important element in the monetary mechanism in Europe as has been suggested by the advocates of the credit view (e.g. Bernake and Gertler 1995, Kashyap and Stein 1994) If loans and bonds are imperfect substitutes in the balance sheets of banks and firms, and firms cannot simply access the capital markets but have to rely on bank finance, the transmission of monetary policy impulses is necessarily linked to bank behaviour. Third, if the ....
Bernake, B.S. and M. Gertler, 1995, Inside the black box: the credit channel of monetary policy transmission, Journal of Economic Perspectives 9, Fall 1995, 27-48.
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