Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/27533 
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dc.contributor.authorTamborini, Robertoen
dc.date.accessioned2009-08-12T07:17:16Z-
dc.date.available2009-08-12T07:17:16Z-
dc.date.issued2009-
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal|c1864-6042|v3|h2009-13|nKiel Institute for the World Economy (IfW)|lKiel|y2009|p1-23en
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2009-13en
dc.identifier.urihttp://hdl.handle.net/10419/27533-
dc.description.abstractDrawing on the modern literature on the monetary transmission mechanisms with capital market imperfections, this paper presents a model of the "credit-cost channel" of monetary policy. The thrust of the model is that firms' reliance on bank loans ("credit channel") may make aggregate supply sensitive to bank interest rates ("cost channel"), which are in turn driven by the official rate controlled by the central bank. The model is assessed theoretically by examining whether, and under what conditions, changes in the policy interest rate produce the whole pattern of the observed stylized effects of monetary policy, with no recourse to non-competitive hypotheses and frictions in the goods and labour markets. This result is obtained for parameter values in the range of available consensus estimates, with a caveat concerning labour-supply elasticity to the real wage rate.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.subject.jelC32en
dc.subject.jelE51en
dc.subject.ddc330en
dc.subject.keywordMacroeconomics and monetary economicsen
dc.subject.keywordmonetary transmission mechanismsen
dc.subject.keywordcredit channelen
dc.subject.keywordcost channelen
dc.subject.stwGeldpolitiken
dc.subject.stwKreditkanalen
dc.subject.stwKapitalkostenen
dc.subject.stwTransmissionsmechanismusen
dc.subject.stwZinspolitiken
dc.subject.stwTheorieen
dc.titleThe "Credit-Cost Channel" of Monetary Policy. A Theoretical Assessment-
dc.typeArticleen
dc.identifier.ppn599043210en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifweej:7599en
econstor.citation.journaltitleEconomics: The Open-Access, Open-Assessment E-Journalen
econstor.citation.issn1864-6042en
econstor.citation.volume3en
econstor.citation.issue2009-13en
econstor.citation.publisherKiel Institute for the World Economy (IfW)en
econstor.citation.publisherplaceKielen
econstor.citation.year2009en
econstor.citation.startpage1en
econstor.citation.endpage23en

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