Finnish monetary policy in the credit rationing era

Juhana Vartiainen and Anders Vredin
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Juhana Vartiainen: Labour Institute for Economic Research
Anders Vredin: Stockholm School of Economics, Sweden

Finnish Economic Papers, 1994, vol. 7, issue 1, 42-55

Abstract: This paper suggests an analysis of monetary policy reactions in a typical Finnish business cycle during the regime of credit rationing. We start by presenting a macroeconomic model which incorporates the institutional characteristics of repressed financial markets and which can generate cyclical behaviour of the main variables that corresponds to stylised facts. The model is then used to motivate the estimation ofan empirical reaction function of monetary policy. We conclude by discussing the strategic policy choices in the light of the empirical results.

JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 1994
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:fep:journl:v:7:y:1994:i:1:p:42-55

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