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Is there a bank lending channel for monetary policy?

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Author Info
Stephen D. Oliner
Glenn D. Rudebusch

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Abstract

Using data for the U.S. manufacturing sector, we investigate the existence of a credit channel for monetary policy that operates through bank lending. Our test is based on the behavior of the mix of bank and nonbank debt after a shift in monetary policy. We allow for a differential response to monetary policy of the debt mix for small firms and large firms, and we account for movements in all major types of nonbank debt (including trade credit and long-term debt). In contrast to earlier work, we find no support for a bank lending channel.

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Publisher Info
Article provided by Federal Reserve Bank of San Francisco in its journal Economic Review.

Volume (Year): (1995)
Issue (Month): ()
Pages: 1-20
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Handle: RePEc:fip:fedfer:y:1995:p:1-20:n:2

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Keywords: Bank loans ; Monetary policy - United States;

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References listed on IDEAS
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.:
  1. Stephen D. Oliner & Glenn D. Rudebusch, 1994. "Is there a broad credit channel for monetary policy?," Working Paper Series / Economic Activity Section 146, Board of Governors of the Federal Reserve System (U.S.).
    Other versions:
  2. Ramey, Valerie, 1993. "How important is the credit channel in the transmission of monetary policy?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 1-45, December. [Downloadable!] (restricted)
    Other versions:
  3. Joe Peek & Eric S. Rosengren, 1995. "Banks and the availability of small business loans," Working Papers 95-1, Federal Reserve Bank of Boston. [Downloadable!]
  4. Charles S. Morris & Gordon H. Sellon, Jr., 1995. "Bank lending and monetary policy: evidence on a credit channel," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 59-75. [Downloadable!]
  5. Steven A. Sharpe, 1995. "Bank capitalization, regulation, and the credit crunch: a critical review of the research findings," Finance and Economics Discussion Series 95-20, Board of Governors of the Federal Reserve System (U.S.).
  6. Silber, William L & Polakoff, Murray E, 1970. "The Differential Effects of Tight Money: An Econometric Study," Journal of Finance, American Finance Association, vol. 25(1), pages 83-97, March. [Downloadable!] (restricted)
  7. Gertler, Mark & Gilchrist, Simon, 1993. " The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence," Scandinavian Journal of Economics, Blackwell Publishing, vol. 95(1), pages 43-64.
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  8. Kashyap, Anil K & Stein, Jeremy C & Wilcox, David W, 1993. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance," American Economic Review, American Economic Association, vol. 83(1), pages 78-98, March. [Downloadable!] (restricted)
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  9. Hall, B.J. & Thomson, J.D.C., 1992. "The Lending View of the Monetary Transmission Mechanism," Harvard Institute of Economic Research Working Papers 1605, Harvard - Institute of Economic Research.
  10. William W. Lang & Leonard I. Nakamura, 1992. ""Flight to quality" in bank lending and economic activity," Working Papers 92-20, Federal Reserve Bank of Philadelphia.
  11. King, Stephen R, 1986. "Monetary Transmission: Through Bank Loans or Bank Liabilities?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(3), pages 290-303, August. [Downloadable!] (restricted)
  12. Christina D. Romer and David H. Romer., 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," Economics Working Papers 89-107, University of California at Berkeley.
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  13. N. Gregory Mankiw, 1994. "Monetary Policy," NBER Books, National Bureau of Economic Research, Inc, number greg94-1.
  14. Bernanke, Ben S & Blinder, Alan S, 1988. "Credit, Money, and Aggregate Demand," American Economic Review, American Economic Association, vol. 78(2), pages 435-39, May. [Downloadable!] (restricted)
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