Abstract
This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they use to offset monetary shocks. The main implication of our study is that a bank lending channel is not likely to be an important transmission mechanism of monetary policy.
| Original language | English |
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| Publisher | s.n. |
| Number of pages | 0 |
| Publication status | Published - 1998 |