TY  - JOUR
AU  - Kashyap,Anil K
AU  - Stein,Jeremy C.
TI  - The Impact of Monetary Policy on Bank Balance Sheets
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4821
PY  - 1994
Y2  - August 1994
UR  - http://www.nber.org/papers/w4821
L1  - http://www.nber.org/papers/w4821.pdf
N1  - Author contact info:
Anil Kashyap
Booth School of Business
University of Chicago
5807 S. Woodlawn Avenue
Chicago, IL 60637
Tel: 773/702-7260
Fax: 773/702-0458
E-Mail: anil.kashyap@chicagobooth.edu

Jeremy C. Stein
Department of Economics
Harvard University
Littauer 209
Cambridge, MA  02138
Tel: 617/496-6455
Fax: 617/496-7352
E-Mail: jeremy_stein@harvard.edu
AB  - This paper uses disaggregated data on bank balance sheets to provide a test of the lending view of monetary policy transmission. We argue that if the lending view is correct, one should expect the loan and security portfolios of large and small banks to respond differentially to a contraction in monetary policy.  We first develop this point with a theoretical model; we then test to see if the model's predictions are borne out in the data.
ER  -