Shaken or Stirred? Financial Deregulation and the Monetary Transmission Mechanism in Norway

Gunnar Bårdsen and Jan Tore Klovland

Scandinavian Journal of Economics, 2000, vol. 102, issue 4, 563-583

Abstract: Is there a credit channel for monetary policy? Has the deregulation of financial markets had any temporary or permanent effects on the monetary transmission mechanism? We present empirical evidence on these issues for Norway by estimating a dynamic system of money, credit, real income and inflation. We find that the deregulation process has not caused any permanent shifts in the long‐run demand functions. Within a small simultaneous dynamic model, there is some evidence for the credit view of the monetary transmission mechanism, as both credit and money exhibit strong and stable effects on aggregate demand. JEL classification: E50; E44; C51

Date: 2000
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https://doi.org/10.1111/1467-9442.00215

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Working Paper: Shaken or Stirred? Financial Deregulation and the Monetary Transmission Mechanism in Norway (1998)
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