TY  - BOOK
AU  - Ramey,Valerie A.
ED  - National Bureau of Economic Research.
TI  - How Important is the Credit Channel in the Transmission of Monetary Policy?
T2  - NBER working paper series
PY  - 1993///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - March 1993; Hardcopy version available to institutional subscribers
N2  - This paper empirically tests the importance of the credit channel in the transmission of monetary policy. Three credit variables are analyzed: total bank loans, bank holdings of securities relative to loans, and the difference in the growth rate of short-term debt of small and large firms. In order to determine the marginal effect of the credit channel over the standard money channel, the significance of the credit variables is studied in a model that includes money (M2). In most cases, the credit variables play an insignificant role in the impact of monetary policy shocks on output
UR  - https://www.nber.org/papers/w4285
UR  - http://dx.doi.org/10.3386/w4285
ER  -