Finnish monetary policy in the credit rationing era
This paper suggests an analysis of monetary policy reactions in a typical Finnish business cycle during the regime of credit rationing. We start by presenting a macroeconomic model which incorporates the institutional characteristics of repressed financial markets and which can generate cyclical behaviour of the main variables that corresponds to stylised facts. The model is then used to motivate the estimation ofan empirical reaction function of monetary policy. We conclude by discussing the strategic policy choices in the light of the empirical results.
Volume (Year): 7 (1994)
Issue (Month): 1 (Spring)
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- Stanley W. Black, 1983. "The Use of Monetary Policy for Internal and External Balance in Ten Industrial Countries," NBER Chapters, in: Exchange Rates and International Macroeconomics, pages 189-234 National Bureau of Economic Research, Inc.
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