Hidden Bibliographic Details
Other authors / contributors: | Garibaldi, Pietro, 1968- author.
International Monetary Fund. Research Department, issuing body.
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ISBN: | 1283571129 9781283571128 1451897472 9781451897470 1462379214 9781462379217 1452778507 9781452778501 9786613883575 6613883573 9781451951318 1451951310
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ISSN: | 2227-8885
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Notes: | Includes bibliographical references (pages 45-46). Restrictions unspecified Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 English. digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
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Summary: | In a world with asymmetric information and other market imperfections, financial intermediaries provide credit to otherwise liquidity constrained agents. If lending without screening and monitoring entails large deadweight losses, and if market financing is prevented by free-rider problems, banks emerge as the only source of external financing for potentially productive agents (Diamond, 1984).1 As a result, the relationship between monetary perturbations and aggregate economic activity is necessarily linked to bank lending behavior. 2 However, the response of bank lending to positive and negative interest rate changes may be inherently different, and potentially asymmetric. Even though several papers have studied the asymmetric effects of monetary policy on real economic activity, little attention has been paid to the asymmetric response of bank lending to interest rate changes. 3.
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Other form: | Print version: Dell'Ariccia, Giovanni. Bank lending and interest rate changes in a dynamic matching model. [Washington, D.C.] : International Monetary Fund, Research Dept., ©1998
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Standard no.: | 10.5089/9781451897470.001
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