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Banks, Capital Markets, and the Monetary Transmission Mechanism.

Abstract:

This paper reviews the recent literature on bank behavior and the transmission process of monetary policy. It examines the implications of asymmetric information for the credit market and the capital market and discusses the macroeconomic significance of these results. In models with imperfect information net worth is found to play a key role in generating macroeconomic fluctuations and in the monetary transmission process. The special characteristics of banks are discussed and also the condi...

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Journal:
Oxford Review of Economic Policy More from this journal
Volume:
10
Publication date:
1994-01-01
ISSN:
0266-903X
UUID:
uuid:cee7ce7f-7470-4395-9a4a-b123aa3096f3
Local pid:
oai:economics.ouls.ox.ac.uk:12830
Deposit date:
2011-08-15

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