Monetary Transmission Mechanisms: The Credit versus the Interest Rate Channel

Adel Boughrara and Samir Ghazouani

Chapter 6 in Inflation Targeting in MENA Countries, 2011, pp 132-167 from Palgrave Macmillan

Abstract: Abstract A critical element of the monetary policy process is knowledge of the quantitative effects of policy actions. In recent years, much attention in the literature devoted to developed countries has been given to the role of credit markets, especially the role of banks (Kashyap et al., 1993; Kashyap and Stein, 1994). Moreover, the theoretical literature has been developed on the basis of recent developments in financial contracts under asymmetrical information, and empirical research has increasingly included financial variables in the analysis of the effectiveness of monetary policy, especially bank lending.

Keywords: Interest Rate; Monetary Policy; Bank Loan; Bank Lending; Monetary Policy Shock (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1057/9780230316560_6

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