The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence
AbstractRecently, a debate has resurfaced on whether and how credit market imperfections may play a role in the transmission of monetary policy. This new literature attempts to identify the effect s of credit market imperfections by analyzing the response to tight mo ney of different forms of credit and different types of borrowers. The arguments and evidence in this literature are reviewed and some new evidence is presented. There is a striking difference in response of credit flows to small versus large borrowers, potentially consistent with the view that credit market imperfections help propagate the impact of monetary policy. Copyright 1993 by The editors of the Scandinavian Journal of Economics.
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Bibliographic InfoPaper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 93-5.
Date of creation: 1993
Date of revision:
Publication status: Published in Scandinavian Journal of Economics, 1993, v. 95, iss. 1, pp. 43-64
Other versions of this item:
- Gertler, Mark & Gilchrist, Simon, 1993. " The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(1), pages 43-64.
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