haku: @author Blinder, A. S. / yhteensä: 8
viite: 4 / 8
| Tekijä: | Blinder, A. S. |
| Otsikko: | Credit rationing and effective supply failures. |
| Lehti: | Economic Journal
1987 : JUN, VOL. 97:386, p. 327-352 |
| Asiasana: | MONETARY POLICY CREDIT RATIONING MONEY SUPPLY ECONOMETRIC MODELS |
| Kieli: | eng |
| Tiivistelmä: | It is explained how central bank policy affects real economic activity that has nothing to do with money. Instead, credit rationing is the operative mechanism. Two simple macro models are presented. The central conclusions from the two models are : 1/ the central bank behavior is depending on whether or not the economy is credit-constrained; 2/ when the economy is credit-constrained it is subject to a kind of instability owing to inflation; 3/ despite this destabilizing mechanism, dynamic instability is by no means inevitable. Potential instability from credit rationing may be overwhelmed by other stabilizing influences, represented here by the real balance effect and the Phillips curve. |
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