NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Monetary Policy and Bank Lending

Anil Kashyap, Jeremy C. Stein

NBER Working Paper No. 4317
Issued in April 1993
NBER Program(s):   ME

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.

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Document Object Identifier (DOI): 10.3386/w4317

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