I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the...

The Research Task Force Transmission Channel (RTF-TC) project was conceived before the onset of the recent global financial crisis. From the beginning, RTF-TC was intended to be a long-term project that would involve many RTF member institutions. The primary goal was to generate new research on...

The Basel Committee's Research Task Force Transmission Channel project aimed at generating new research on various aspects of the credit channel linkages in the monetary transmission mechanism. Under the credit channel view, financial intermediaries play a critical role in the allocation of...