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This letter re-examines the role of commercial loans versus demand deposits in the monetary transmission mechanism using short-run and long-run sequential causality testing procedures designed by Toda and Phillips. Empirical results support the credit view that bank loans are as good a predictor...
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The paper investigates whether credit and liquidity views of monetary policy transmission can be identified as separate elements of a system which has multiple cointegration vectors. Likelihood ratio analysis is used to determine the empirical validity of the commercial paper - Treasury bill...
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This paper investigates the role of the monetary aggregates after deregulation as well as an alternative credit view of the monetary transmission mechanism. The credit view, based on the assumptions that not all financial assets are perfect substitutes and not all agents are identical, suggests...
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