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Bank loan portfolios and the Canadian monetary transmission mechanism

  • Wouter J. Den Haan
  • Steven W. Sumner
  • Guy M. Yamashiro

Following a monetary tightening, bank loans to consumers decrease. This is true for both mortgage and non-mortgage loans, and it is true for a tightening by the Bank of Canada that is, and is not, a response to a tightening by the Federal Reserve System. In contrast, business loans increase following a monetary tightening. The `perverse' response of business loans cannot be explained by an increase in the demand for funds due to a reduction in real activity. These results are consistent with a change in bank portfolio behaviour in favour of business loans in response to a monetary tightening.

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Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 42 (2009)
Issue (Month): 3 (August)
Pages: 1150-1175

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Handle: RePEc:cje:issued:v:42:y:2009:i:3:p:1150-1175
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