Several articles have recently questioned the "money view" of the monetary transmission mechanism and have offered an … alternative "credit view". We argue that the money view has been incompletely presented in much of the literature and in almost … all textbooks on Macroeconomics and Money and Banking. A distinction between the two views is unnecessary if one presents …

How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that … greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more … volatile than income, indicates that financial reform further increases the volatility of consumption relative to output. We …

presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between 'target' and … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …We argue that the U.S. personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and …

of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between target and actual … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …We argue that the US personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and …