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Credit in the monetary transmission mechanism: An overview of some recent research using Swiss data

  • Mathias Zurlinden

Studies on the role of the credit channel have flourished in recent years. This paper focuses on the work that has been carried out using Swiss data. It begins with some general features characterizing the credit channel and demonstrating its empirical implications. It then provides an overview of the empirical papers. For the most part, these papers test cross-sectional implications of the credit view. The overall evidence suggests that a credit channel exists but a precise assessment of the effects of monetary policy operating through this channel is still a long way off. Much work has yet to be done, not least on the data side, in order to obtain a clear view of the quantitative importance of the credit channel for Switzerland.

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File URL: http://www.snb.ch/n/mmr/reference/economic_studies_2005_01/source/economic_studies_2005_01.n.pdf
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Paper provided by Swiss National Bank in its series Economic Studies with number 2005-01.

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Length: 18 pages
Date of creation: 2003
Date of revision:
Handle: RePEc:snb:snbecs:2005-01
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  1. Simon Gilchrist & Charles Himmelberg, 1999. "Investment: Fundamentals and Finance," NBER Chapters, in: NBER Macroeconomics Annual 1998, volume 13, pages 223-274 National Bureau of Economic Research, Inc.
  2. Mojon, Benoît & Kashyap, Anil K. & Angeloni, Ignazio & Terlizzese, Daniele, 2002. "Monetary Transmission in the Euro Area : Where Do We Stand?," Working Paper Series 0114, European Central Bank.
  3. Chatelain, Jean-Bernard & Generale, Andrea & Hernando, Ignacio & Von Kalckreuth, Ulf & Vermeulen, Philip, 2001. "Firm investment and monetary transmission in the euro area," Working Paper Series 0112, European Central Bank.
  4. Timothy S. Fuerst & Charles T. Carlstrom, 1998. "Agency costs and business cycles," Economic Theory, Springer, vol. 12(3), pages 583-597.
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