Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/27533
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dc.contributor.authorTamborini, Robertoen_US
dc.date.accessioned2009-08-12T07:17:16Z-
dc.date.available2009-08-12T07:17:16Z-
dc.date.issued2009en_US
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal |v3 |h2009-13 |p1-23 |qdoi:10.5018/economics-ejournal.ja.2009-13-
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2009-13-
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_US
dc.language.isoengen_US
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen_US
dc.subject.jelC32-
dc.subject.jelE51-
dc.subject.ddc330en_US
dc.subject.keywordMacroeconomics and monetary economicsen_US
dc.subject.keywordmonetary transmission mechanismsen_US
dc.subject.keywordcredit channelen_US
dc.subject.keywordcost channelen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwKreditkanalen_US
dc.subject.stwKapitalkostenen_US
dc.subject.stwTransmissionsmechanismusen_US
dc.subject.stwZinspolitiken_US
dc.subject.stwTheorieen_US
dc.titleThe "Credit-Cost Channel" of Monetary Policy. A Theoretical Assessmenten_US
dc.typeArticleen_US
dc.identifier.ppn599043210en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifweej:7599-

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