The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Monetary Policy and Credit Conditions: Evidence From the Composition of External Finance
Open accessAbstract
In this paper we use the relative movements in bank loans and commercial paper to provide evidence on the existence of a loan supply channel of monetary policy transmission. A first necessary condition for monetary policy to work through a lending channel is that banks must view loans and securities as imperfect substitutes, so that monetary tightening does affect the availability of bank loans. We find that tighter monetary policy leads to a shift in firms' mix of external financing -- commercial paper issuance rises while bank loans fall, suggesting that loan supply has indeed been reduced. Furthermore, these shifts in the financing mix seem to affect investment (even controlling for interest rates). This implies that bank and non-bank sources of finance are also not perfect substitutes for businesses. We also argue that this view of the transmission mechanism can help explain why interest rate spreads involving commercial paper rates have had considerable predictive power for many measures of economic activity.
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Cites
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
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
The role of banks in reducing the costs of financial distress in Japan
Hoshi, T., Kashyap, A., & Scharfstein, D. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90021-q · Cited by 1,213
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Cited by
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
The financial accelerator, and the flight to quality
Bernanke, B., Gertler, M., & Gilchrist, S. (1996) · The Review of Economics and Statistics · doi:10.2307/2109844 · Cited by 2,351
The impact of monetary policy on bank balance sheets
Kashyap, A. K., & Stein, J. C. (1995) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(95)00032-u · Cited by 1,130
Self-citationCredit Conditions and the Cyclical Behavior of Inventories
Kashyap, A. K., Lamont, O. A., & Stein, J. C. (1994) · The Quarterly Journal of Economics · doi:10.2307/2118414 · Cited by 773
Self-citationMonetary Policy and Bank Lending
Kashyap, A., & Stein, J. (1993) · National Bureau of Economic Research · doi:10.3386/w4317 · Cited by 586
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Metadata
- Authors
- Kashyap, A., Stein, J., & Wilcox, D.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1992-03
- OpenAlex
- W2149987483
- Cited by
- 1,473
- References
- 4
- Type
- report
- Language
- en
- Open access
- green
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