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Shaken or Stirred? Financial Deregulation and the Monetary Transmission Mechanism in Norway

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  • Bardsen, Gunnar
  • Klovland, Jan Tore

Abstract

Is there a credit channel for monetary policy? Has the deregulation of financial markets had any temporary or permanent effects on the monetary transmission mechanism? We present empirical evidence on these issues for Norway by estimating a dynamic system of money, credit, real income and inflation. We find that the deregulation process has not caused any permanent shifts in the long-run demand functions. Within a small simultaneous dynamic model, there is some evidence for the credit view of the monetary transmission mechanism, as both credit and money exhibit strong and stable effects on aggregate demand. Copyright 2000 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 102 (2000)
Issue (Month): 4 (December)
Pages: 563-83

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Handle: RePEc:bla:scandj:v:102:y:2000:i:4:p:563-83

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Roger Hammersland & Dag Henning Jacobsen, 2008. "The Financial Accelerator: Evidence using a procedure of Structural Model Design," Discussion Papers, Research Department of Statistics Norway 569, Research Department of Statistics Norway.
  2. Roger Hammersland & Cathrine Bolstad Træe, 2011. "The Financial Accelerator and the real economy. Self-reinforcing feedback loops in a core macro econometric model for Norway," Discussion Papers, Research Department of Statistics Norway 668, Research Department of Statistics Norway.
  3. Holtemöller, Oliver, 2002. "Further VAR evidence for the effectiveness of a credit channel in Germany," SFB 373 Discussion Papers 2002,66, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.

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