Heterogeneous "Credit Channels: and Optimal Monetary Policy in a Monetary Union

Leonardo Gambacorta

The Warwick Economics Research Paper Series (TWERPS) from University of Warwick, Department of Economics

Abstract: The growing prospect of European monetary integration has prompted interest in the study of differences in financial systems and their consequences for monetary transmission processes. This paper analyses the case of a monetary union composed of countries with heterogeneous "credit channels". In order to better insulate the economies from the asymmetric effects produced by differences in national financial systems, a money supply process, based on the interest rate on bonds and its spread with respect to the bank lending rate, is proposed.

Keywords: MONETARY AREAS; MONETARY POLICY; CREDIT (search for similar items in EconPapers)
JEL-codes: E52 F15 (search for similar items in EconPapers)
Pages: 56 pages
Date: 1997
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https://warwick.ac.uk/fac/soc/economics/research/w ... 95-1998/twerp492.pdf

Related works:
Working Paper: Heterogeneous "Credit Channels" and Optimal Monetary Policy in a Monetary Union (1998)
Working Paper: Heterogeneous "Credit Channels" and Optimal Monetary Policy in a Monetary Union (1998)
Working Paper: HETEROGENEOUS "CREDIT CHANNELS" AND OPTIMAL MONETARY POLICY IN A MONETARY UNION (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:wrk:warwec:492

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