Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264708 
Year of Publication: 
2007
Series/Report no.: 
Working Paper No. 116
Publisher: 
Oesterreichische Nationalbank (OeNB), Vienna
Abstract: 
In this paper we study the role of financial systems for the cost channel transmission of monetary policy in a calibrated business cycle model. We analyze the different effects that monetary policy has on the economy, in particular on output and inflation, which are due to differences in country-specific financial systems. For a plausible calibration of the model, differences in financial systems have a rather limited effect on the transmission mechanism and do not appear to give rise to cross country differences in the strength of the cost channel.
Subjects: 
Financial Systems
Cost Channel
Transmission Mechanism
JEL: 
E40
E50
Document Type: 
Working Paper

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