New evidence on the lending channel
By: Adam B. Ashcraft.
Contributors: Federal Reserve Bank of New York.
Series: Staff reports ;; no. 136; Staff reports (Federal Reserve Bank of New York : Online) ;; no. 136.
Publisher: Federal Reserve Bank of New York
Published: 2001
Place of publication: [New York, N.Y.]
Language: eng
Format: Electronic resource
Subjects: Bank loans -- United States -- Econometric models.; Federal funds market (United States) -- Econometric models.
Description: "Do banks play a special role in the transmission mechanism of monetary policy? I use the presence of internal capital markets in bank holding companies to isolate plausibly exogenous variation in the financial constraints faced by subsidiary banks.  In particular, I demonstrate that affiliated bank loan growth is less sensitive to changes in the federal funds rate than that of unaffiliated banks, and that these relatively unconstrained banks are better able to smooth insured deposit outflows by issuing uninsured debt.  State loan growth also becomes less sensitive to changes in the federal funds rate as loan market share of affiliated banks increases, but state output growth is largely unaffected"--Federal Reserve Bank of New York web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 2/28/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.