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How Does the Strength of Monetary Policy Transmission Depend on Real Economic Activity
| Content Provider | Semantic Scholar |
|---|---|
| Author | Sapriza, Horacio Temesvary, Judit |
| Copyright Year | 2019 |
| Abstract | We study the relationship between the strength of the bank credit channel (BCC) of monetary policy and real GDP growth in the United States using quarterly commercial bank level data between 1986 and 2008. We find that the BCC was significantly stronger during periods of low economic growth. Monetary policy is more effective through this channel in spurring economic activity during periods of low growth, rather than in cooling the economy when growth is high. Furthermore, we find that the BCC operated through a broader range of loan categories and banks than previously documented, underscoring this channel?s economic relevance. |
| File Format | PDF HTM / HTML |
| DOI | 10.17016/FEDS.2019.023 |
| Volume Number | 2019 |
| Alternate Webpage(s) | https://www.federalreserve.gov/econres/feds/files/2019023pap.pdf |
| Alternate Webpage(s) | https://doi.org/10.17016/FEDS.2019.023 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
