Finnish monetary policy in the credit rationing era
AbstractThis paper suggests an analysis of monetary policy reactions in a typical Finnish business cycle during the regime of credit rationing. We start by presenting a macroeconomic model which incorporates the institutional characteristics of repressed financial markets and which can generate cyclical behaviour of the main variables that corresponds to stylised facts. The model is then used to motivate the estimation ofan empirical reaction function of monetary policy. We conclude by discussing the strategic policy choices in the light of the empirical results.
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Bibliographic InfoArticle provided by Finnish Economic Association in its journal Finnish Economic Papers.
Volume (Year): 7 (1994)
Issue (Month): 1 (Spring)
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Stanley W. Black, 1983. "The Use of Monetary Policy for Internal and External Balance in Ten Industrial Countries," NBER Chapters, in: Exchange Rates and International Macroeconomics, pages 189-234 National Bureau of Economic Research, Inc.
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