Financial Systems and the Cost Channel Transmission of Monetary Policy Shocks
Sylvia Kaufmann () and
Working Papers from Oesterreichische Nationalbank (Austrian Central Bank)
In this paper we study the role of financial systems for the cost channel transmission of monetary policy in a calibrated business cycle model. We analyze the different effects that monetary policy has on the economy, in particular on output and inflation, which are due to differences in country-specific financial systems. For a plausible calibration of the model, differences in financial systems have a rather limited effect on the transmission mechanism and do not appear to give rise to cross country differences in the strength of the cost channel.
Keywords: Financial Systems; Cost Channel; Transmission Mechanism (search for similar items in EconPapers)
JEL-codes: E40 E50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-fmk, nep-mac and nep-mon
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Journal Article: Financial systems and the cost channel transmission of monetary policy shocks (2009)
Working Paper: Financial Systems and the Cost Channel Transmission of Monetary Policy Shocks (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:onb:oenbwp:116
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