@techreport{NBERw6056,
 title = "What Do a Million Banks Have to Say About the Transmission of Monetary Policy?",
 author = "Anil K Kashyap and Jeremy C. Stein",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "6056",
 year = "1997",
 month = "June",
 URL = "http://www.nber.org/papers/w6056",
 abstract = {In an effort to shed new light on the monetary transmission mechanism, we create a panel data set that includes quarterly observations of every insured commercial bank in the United States over the period 1976-1993.  Our key cross-sectional finding is that the impact of monetary policy on lending behavior is significantly more pronounced for banks with less liquid balance sheets -- i.e., banks with lower ratios of cash and securities to assets.  Moreover, this result is entirely attributable to the smaller banks in our sample, those in the bottom 95% of the size distribution.  Among other things, our findings provide strong support for the existence of a lending channel},
}