The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
The Cost Channel of Monetary Transmission
Abstract
This paper presents evidence that the cost channel may be an important part of the monetary transmission mechanism. We first highlight three puzzles that might be explained by a cost channel of monetary transmission. We then provide evidence on the importance of working capital and argue why monetary contractions can affect output through a supply channel as well as the traditional demand-type channels. Using a vector autoregression analysis, we investigate the effects across industries. Following a monetary contraction, many industries exhibit periods of falling output and rising price-wage ratios, consistent with a supply shock. The effects are noticeably more pronounced during the period before 1979.
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Cites
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
Monetary policy, business cycles, and the behavior of small manufacturing firms
Gertler, M., & Gilchrist, S. (1994) · The Quarterly Journal of Economics · doi:10.2307/2118465 · Cited by 2,547
Cited by
Blanchard, O. J., & Riggi, M. (2013) · Journal of the European Economic Association · doi:10.1111/jeea.12029 · Cited by 363
How Raising Interest Rates Can Cause Inflation and Currency Depreciation
Egilsson, J. H. (2020) · Journal of Applied Economics · doi:10.1080/15140326.2020.1795526 · Cited by 28
Metadata
- Authors
- Barth, & Ramey, V. A.
- Venue
- NBER Macroeconomics Annual
- Publisher
- University of Chicago Press
- Published
- 2001-01
- Volume
- 16
- Pages
- 199-240
- ISSN
- 0889-3365 (ISSN-L)
- 1537-2642
- OpenAlex
- W2104610120
- Cited by
- 303
- References
- 3
- FWCI
- 15.14
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
