Monetary Policy and Bank Lending

   (829 K)

This paper surveys recent work that relates to the "lending" view of monetary policy transmission. It has three main goals: 1) to explain why it is important to distinguish between the lending and "money" views of policy transmission; 2) to outline the microeconomic conditions that are needed to generate a lending channel; and 3) to review the empirical evidence that bears on the lending view.

Published:

• Monetary Policy, ed. N. Gregory Mankiw, University of Chicago Press, 1994 ,
• Monetary Policy and Bank Lending, Anil K. Kashyap, Jeremy C. Stein, in Monetary Policy (1994), The University of Chicago Press
  

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