Recent empirical studies examining the asymmetric effects of monetary shocks on economic activity do not systematically control for the non-monetary sources of fluctuations as well as the endogenous component of monetary policy. The evidence of asymmetry could simply reflect the failure to...

Using Swedish monthly data for the period 1980:1 to 1994:3, a set of questions motivated by the literature on the lending channel of monetary policy is addressed. The main results are: Regulations on banks portfolio decisions that were in force up to 1985 seem effective in that bank lending move...

In response to tight money, both consumer loans and consumption fall. I ask whether there is any causality running from loans to consumption by focusing on how the composition of automobile finance between bank and nonbank sources of credit changes in response to unanticipated innovations in...

Intro -- Contents -- Preface -- 1 Overview -- I. Explaining the 1990s -- 2 The Morning After: Explaining the Slowdown in Japanese Growth -- 3 Identifying the Shocks: Japan's Economic Performance in the 1990s -- 4 Explaining the Slump in Japanese Business Investment -- 5 Where Are We Going? The...

Die richtige Voraussage der Nachfrage nach Geld ist wichtigster Bestandteil einer jeden Geldpolitik. Die empirische Analyse der Entwicklung der Geldnachfrage hat über die Jahre hinweg entscheidend zu stetig verbesserten Prognosen beigetragen. Im vorliegenden Ansatz werden für den Zeitraum von...