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来源类型Working Paper
规范类型报告
DOI10.3386/w2232
来源IDWorking Paper 2232
Loan Commitments and Monetary Policy
George Sofianos; Arie Melnik; Paul Wachtel
发表日期1987-05-01
出版年1987
语种英语
摘要The impact of loan commitment agreements on the way in which changes in monetary policy affects the economy is examined. In particular, the empirical relevance of quantity credit rationing in the transmission of monetary policy is studied with VAR models. We find evidence of a differential impact of monetary policy on loans under commitment and not under commitment. Our conclusion is that credit rationing for bank loans does occur, although loan commitments effectively protect borrowers from credit rationing. Thus, loan commitments which insulate borrowers from the effects of quantity rationing force monetary policy to work exclusively through interest rate channels.
主题Macroeconomics
URLhttps://www.nber.org/papers/w2232
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/559487
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GB/T 7714
George Sofianos,Arie Melnik,Paul Wachtel. Loan Commitments and Monetary Policy. 1987.
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