Kashyap, Anil K.; Stein, Jeremy C. - 2021
This paper surveys recent work that relates to the "lending" view of monetary policy transmission. It has three main … goals: 1) to explain why it is important to distinguish between the lending and "money" views of policy transmission; 2) to … outline the microeconomic conditions that are needed to generate a lending channel; and 3) to review the empirical evidence …