Financial systems and the cost channel transmission of monetary policy shocks |
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Authors: | Sylvia Kaufmann Johann Scharler |
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Affiliation: | 1. Oesterreichische Nationalbank, Economic Studies Division, Otto-Wagner-Platz 3, POB 61, A-1011 Vienna, Austria;2. Department of Economics, University of Linz, Altenbergerstrasse 69, A-4040 Linz, Austria |
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Abstract: | We study the role of financial systems for the cost channel transmission of monetary policy in a calibrated business cycle model. We characterize financial systems by the share of bank-dependent firms and by the degree of the pass-through from policy to bank lending rates, for which we provide empirical estimates for the euro area and the US. For plausible calibrations of the dynamics of the lending rate we find that the cost effects directly related to interest rate movements have only a limited effect on the transmission mechanism. |
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Keywords: | E40 E50 |
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