A New Look at the Monetary Transmission Mechanism

这项研究的目的是分析信贷市场不完善的宏观经济后果，并考察货币政策影响实体经济活动的渠道。在之前的研究中，作者已经确定了美联储出于降低通胀的愿望而对货币政策进行重大转变的情况。由于这些政策变化基本上独立于实体经济发展，它们可以用来将货币政策的影响以及这些影响发生的机制与实体经济发展对金融变量的影响区分开来。特别是，这些事件提供的信息将被用来检验货币政策对货币存量的影响是传导机制核心的理论，还是货币政策对金融中介机构放贷的影响是核心的理论。这项研究之所以重要，是因为它将更好地理解信贷市场缺陷在导致或促成宏观经济波动方面可能发挥的作用。

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.