The Geographic Distribution of the Size and Timing of Monetary Policy Actions
This paper examines the magnitude and timing of the effects of changes in the monetary base on the aggregate and regional changes in bank loans within the United States. We consider both Bureau of Economic Analysis (BEA) regions, and individual states and the District of Columbia for our regional analysis. The empirical analysis provides some insight on the bank-lending channel of monetary policy. We find strong evidence of a 4-quarter lag in the effect of changes in the monetary base on bank loans. That finding proves robust across all regions and nearly all states.
|Date of creation:||Feb 2004|
|Date of revision:|
|Note:||Presented at the Southern Economic Association, 73rd Annual Conference, November 21-23, 2003, San Antonio, Texas.|
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