...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Economic Dynamics and Control >On the firm-level implications of the Bank Lending Channel of monetary policy
【24h】

On the firm-level implications of the Bank Lending Channel of monetary policy

机译：银行借贷渠道对货币政策的企业层面影响

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Standard models of the Bank Lending Channel are unable to yield predictions on the differential impact of monetary policy shocks over heterogeneous borrowers. This inability has made researchers doubt about the role played by bank credit as a transmission mechanism of monetary policy. Moreover, it has made them reject those models in favor of the Balance Sheet Channel as a transmission mechanism. In this paper we show that an "augmented" version of the Bank Lending Channel that allows for firm heterogeneity (but without any role for firms' balance sheets) reproduces well the dynamics of firm-level data. Our contribution is to show that it is not clear that the Bank Lending Channel should be rejected in favor of alternative theories on the basis of its inability to reproduce firm-level data. Thus, there is additional room for econometric tests that can provide support to the Bank Lending Channel.
机译：银行借贷渠道的标准模型无法得出货币政策冲击对异质借款人的不同影响的预测。这种无能使研究人员怀疑银行信贷作为货币政策的传导机制所起的作用。此外，这使他们拒绝了那些模型，而赞成以资产负债表渠道为传输机制。在本文中，我们表明，允许企业异质性（但对企业资产负债表没有任何作用）的“放贷”版本的银行借贷渠道很好地再现了企业级数据的动态。我们的贡献表明，尚不清楚基于银行借贷渠道无法复制公司级数据的理由而应拒绝使用替代理论。因此，计量经济测试还有更多空间可以为银行借贷渠道提供支持。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号