The role of banks in the transmission of monetary policy
Joe Peek () and
Eric Rosengren ()
No 13-5, Public Policy Discussion Paper from Federal Reserve Bank of Boston
The transmission of monetary policy, especially in light of recent events, has received increased attention, especially with respect to the efficacy of the bank lending channel. This paper summarizes the issues associated with isolating the bank lending channel and determining the extent to which it is operational. Evidence on the effectiveness of the bank lending channel is presented, both in the United States and abroad. The paper then provides observations about the likely consequences for the effectiveness of the lending channel of the changes in the financial environment associated with the recent financial crisis.
Keywords: Monetary policy; Global financial crisis; Banks and banking - Regulations (search for similar items in EconPapers)
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