伯南克：货币政策信贷传到渠道.pptVIP

Inside the Black Box: The Credit Channel of Monetary Policy Transmission Bernake and Gertler Introduction Why should actions taken by the central bank have any effect on the external finance premium in credit markets? Two possibilities: a) Balance sheet channel: effect of monetary policy on the balance sheet and income statements of borrowers. b) Bank lending channel: effect of monetary policy on the supply of loans by financial institutions. Evidence from Vector Autoregressions (VAR’s) To evaluate the effect of a tightening of monetary policy on the economy, the authors