Bank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy

Topics:
Financial Research
Tags:
Bank,
Bank Of Canada,
Finance,
Financial,
Financial Accounting,
Friction
Source:
Bank of Canada

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Overview: The authors use a dynamic general-equilibrium model to study the role financial friction play as a transmission mechanism of Canadian monetary policy, and to evaluate the real effects of exogenous credit shocks. Financial frictions, which are modelled, as spreads between deposit and loan interest rates, are assumed to depend on economic activity as well as on credit shocks. This model, imperfections in credit markets are responsible only for a small amplification and propagation of the real effects of monetary policy shocks.

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Format: PDF | Size: 601KB | Date: Apr 2003 | Pages: 38

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