haku: @indexterm Commercial paper / yhteensä: 27
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| Tekijä: | Kashyap, A.K. Stein, J.C. Wilcox, D.W. |
| Otsikko: | Monetary policy and credit conditions: Evidence from the composition of external finance |
| Lehti: | American Economic Review
1993 : MAR, VOL. 83:1, p. 78-98 |
| Asiasana: | MONETARY POLICY CREDIT COMMERCIAL PAPER BANK LENDING |
| Kieli: | eng |
| Tiivistelmä: | Relative moments in bank loans and commercial paper provide evidence on the existence of a loan-supply channel of monetary-policy transmission. Tighter monetary policy leads to a shift in firm's mix of external financing: commercial paper issuance rises while bank loans fall. This suggests that contractionary policy can indeed reduce loan supply. Shifts in loan supply seem to affect investment, even controlling for interest rates and output. |
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