Title of article
Relationshiplendingandthetransmissionofmonetarypolicy
Author/Authors
Kinda Hachem، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2011
Pages
11
From page
590
To page
600
Abstract
Repeatedinteractionsallowlenderstouncoverprivateinformationabouttheirclients,
decreasingtheinformationalasymmetrybetweenaborrowerandhislenderbut
introducingonebetweenthelenderandcompetingfinanciers.Thispaperconstructs
a credit-basedmodelofproductiontoanalyzehowlearningthroughlendingrelation-
ships affectsmonetarytransmission.Iexaminehowmonetarypolicychangesthe
incentivesofborrowersandlenderstoengageinrelationshiplendingandhowthese
changesthenshapetheresponseofaggregateoutput.Theresultsdemonstratethat
relationshiplendingprevailsinequilibrium,smoothesthesteadystateoutputprofile,
and induceslessvolatileresponsestocertainmonetaryshocks.
Journal title
Journal of Monetary Economics
Serial Year
2011
Journal title
Journal of Monetary Economics
Record number
846496
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