While there is widespread agreement that banks play a key part in the transmission of monetary policy actions to the economy, debate continues on whether bank lending plays a special part in the monetary transmission mechanism. If a special lending or credit channel exists, changes in the...

For three decades, experts on payments systems have forecast the imminent arrival of a completely electronic, paperless payment system. In this vision of the future, households, businesses, and government agencies would replace paper transactions with faster, more efficient electronic payments....

An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider...