A New Look at the Monetary Transmission Mechanism

本研究的目的是分析宏观经济 信贷市场不完善的后果，并审查 货币政策影响真实的经济的渠道 活动 在以前的研究中，作者已经确定 当联邦在 货币政策是为了降低通货膨胀。 因为 这些政策变化基本上独立于真实的 经济发展，它们可以用来解开 货币政策的影响，以及通过这些机制 这些影响来自于真实的经济的影响， 金融变量的发展。 特别是 这些事件提供的信息将用于测试 货币政策对经济增长的影响 货币存量是传导机制和理论的核心 金融中介机构对贷款的影响 这是中心。 这项研究很重要，因为它将 更好地理解信贷市场的作用 缺陷可能会导致或促成 宏观经济波动。

The purpose of this research is to analyze the macroeconomic consequences of credit market imperfections and examine the channels through which monetary policy affects real economic activity. In previous research, the authors have identified episodes when the Federal Reserve undertook major shifts in monetary policy out of a desire to reduce inflation. Because these policy changes were essentially independent of real economic developments, they can be used to disentangle the effects of monetary policy, and the mechanisms through which those effects occur, from the effects of real economic developments on financial variables. In particular, the information provided by these episodes will be used to test between theories in which the impact of monetary policy on the money stock is central to the transmission mechanism and theories in which it is the impact on lending by financial intermediaries that are central. This research is important because it will provide a better understanding of the role that credit market imperfections may play in causing or contributing to macroeconomic fluctuations.