| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2232 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w2232 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559487 |
| 推荐引用方式 GB/T 7714 | George Sofianos,Arie Melnik,Paul Wachtel. Loan Commitments and Monetary Policy. 1987. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2232.pdf（310KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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