FLIGHT TO QUALITY IN BANKING AND ECONOMIC-ACTIVITY

• 成果类型: Article
• 署名作者: LANG, WW; NAKAMURA, LI
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(95)01204-9
• 发表日期: 1995
• 页码: 145-164
• 关键词: BUSINESS FLUCTUATIONS; INVESTMENT; credit

摘要

Recent explanations of the transmission mechanism of monetary policy have emphasized that riskier, lower net worth borrowers are more dependent on bank lending than larger, less risky borrowers. Evidence from the Federal Reserve's Survey on Terms of Bank Lending indicates that the proportion of relatively high quality new loans (%Safe) moves countercyclically and Granger causes GDP and inventory investment. In the aftermath of a tightening of monetary policy, the %Safe variable increases, and in turn, policy tends to relax once %Safe has risen.