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| Author: | Chrystal, A. Mizen, P. |
| Title: | Modelling credit in the transmission mechanism of the United Kingdom |
| Journal: | Journal of Banking and Finance
2002 : NOV, VOL. 26:11, p. 2131-2154 |
| Index terms: | Investments Monetary policy Credit Consumer expenditure United Kingdom Europe |
| Language: | eng |
| Abstract: | This article explores the empirical importance of credit. The paper provides a framework for analyzing the balance sheets of, and financial flows between, different sectors of the United Kingdom (UK) economy, and an econometric model of the interactions btw. non-financial firms, households and credit offered by banks and non-bank financial intermediaries. The paper also provides a dynamic structural model of bank and building society credit, money and decisions to consume and invest and then adds credit from non-bank financial intermediaries. This paper's bottom line is that credit is an important part of the transmission process of UK monetary policy. |
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