Does monetary policy lose effectiveness during a credit crunch?

被引：9
|
作者：
Bijapur, Mohan [1 ]
机构：
[1] UEL Business Sch, London E16 2RD, England
来源：
ECONOMICS LETTERS | 2010年 / 106卷 / 01期
关键词：
Credit crunch; Monetary policy; Transmission mechanism; Credit channel;
D O I：
10.1016/j.econlet.2009.09.020
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This article investigates the effectiveness of monetary policy during a credit crunch by estimating a vector autoregression on the US economy. We present evidence that interest rate cuts have a diminished impact on growth, due to impairment in the relationship between monetary policy and the supply of intermediated credit. (C) 2009 Elsevier B.V. All rights reserved.
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页码：42 / 44
页数：3
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