Rosengren paper tackles role of banks in monetary transmission
A new paper, The Role of Banks in the Transmission of Monetary Policy by Joe Peek and Boston Fed president Eric Rosengren, summarises issues associated with isolating the bank lending channel and determining the extent to which it is operational.
The paper also presents evidence on the effectiveness of the bank lending channel, both in the United States and abroad, and provides observations on the likely consequences for the effectiveness of the lending channel of the changes in the financial
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