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Credit Channel without the LM Curve

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Author Info

  • Victorio Y. T. Chu
  • Márcio I. Nakane

Abstract

This paper extends Bernanke and Blinder (1988)'s macroeconomic model of credit channel to an environment where the monetary authority has control over a short-term interest rate. The comparative statics regarding changes in the market interest rate, in the required reserve ratio over bank deposits, and in the risk of public bonds are highlighted.

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File URL: http://www.bcb.gov.br/pec/wps/ingl/wps20.pdf
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Bibliographic Info

Paper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 20.

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Date of creation: May 2001
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Publication status: Published in Economia Aplicada (Brazilian Journal of Applied Economics), Vol. 5, no. 1 (Jan-Mar 2001): 213-227.
Handle: RePEc:bcb:wpaper:20

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Web page: http://www.bcb.gov.br/?english

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