Shaken or Stirred? Financial Deregulation and the Monetary Transmission Mechanism in Norway
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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Volume (Year): 102 (2000)
Issue (Month): 4 (December)
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