Hülsewig, Oliver; Winker, Peter; Worms, Andreas - In: Jahrbücher für Nationalökonomie und Statistik 224 (2004) 5, pp. 511-529
Summary This paper explores the existence of the credit channel in the transmission of monetary policy in Germany on the basis of a structural analysis of aggregate bank loan data. The empirical analysis is carried out in a vector error correction model (VECM), which allows to identify long-run...