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Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Working Paper No. 116
Verlag: 
Oesterreichische Nationalbank (OeNB), Vienna
Zusammenfassung: 
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.
Schlagwörter: 
Financial Systems
Cost Channel
Transmission Mechanism
JEL: 
E40
E50
Dokumentart: 
Working Paper

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