consequence of Federal Reserve actions aimed at reducing bank loans directly, rather than an inherent feature of the monetary …, or explicit credit controls, to restrain bank lending directly. Second, simple regressions show that Federal Reserve … credit actions have large and significant effects on the composition of external finance between bank loans and commercial …

featuring heterogeneous banks, interbank markets for both secured and unsecured credit, and a central bank. The model features a … in lending and output. We show how central bank policies which increase the size of the central bank balance sheet can …

variables are analyzed: total bank loans, bank holdings of securities relative to loans, and the difference in the growth rate …

Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of …, differ so much? How did the Bank of France manage to keep a stable rate and continuously violate the "rules of the game …"? This paper tackles these questions and shows that the domestic asset portfolio of the Bank of France played a crucial role …

quarterly observations of every insured commercial bank in the United States over the period 1976-1993. Our key cross …

forecasting is that the funds rate sensitively records shocks to the supply of (not the demand for) bank reserves, i.e. the funds … "credit" (that is, bank loans) as well as through "money" (that is, bank deposits) - even though bank loans fail to Granger …

condition. Whether a bank-lending channel is operative is less clear, however. More micro evidence at the level of individual …