THE FEDERAL-FUNDS RATE AND THE CHANNELS OF MONETARY TRANSMISSION

被引：245

作者：

BERNANKE, BS

BLINDER, AS

机构：

来源：

AMERICAN ECONOMIC REVIEW | 1992年 / 82卷 / 04期

关键词：

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We show that the interest rate on Federal funds is extremely informative about future movements of real macroeconomic variables. Then we argue that the reason for this forecasting success is that the funds rate sensitively records shocks to the supply of bank reserves; that is, the funds rate is a good indicator of monetary policy actions. Finally, using innovations to the funds rate as a measure of changes in policy, we present evidence consistent with the view that monetary policy works at least in part through "credit " (i.e., bank loans) as well as through "money" (i.e., bank deposits).

引用

页码：901 / 921

页数：21

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