Credit Channel without the LM Curve

Victorio Chu and Marcio Nakane

No 20, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: This paper extends Bernanke and Blinder (1988)'s macroeconomic model of credit channel to an environment where the monetary authority has control over a short-term interest rate. The comparative statics regarding changes in the market interest rate, in the required reserve ratio over bank deposits, and in the risk of public bonds are highlighted.

Date: 2001-05
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