Monetary policy and asymmetric response in default risk

Economics Letters

Volumn 60, Issue 1, 1998, Pages 83-90

  Kim, Jaechil ^a   Ni, Shawn ^b   Ratti, Ronald A ^b  

^a Hyundai Research Institute   (South Korea)

^b UNIVERSITY OF MISSOURI   (United States)

Author keywords

Asymmetry; Default risk; E40; E50; Monetary policy

Indexed keywords

EID: 0032220923     PISSN: 01651765     EISSN: None     Source Type: Journal    
DOI: 10.1016/s0165-1765(98)00093-7     Document Type: Article

References (12)

1. Bernanke B.S., Blinder A.S. The federal funds rate and the channels of monetary transmission. American Economic Review. 82:1992;901-921.
2. Boschen J.F., Mills L.O. The relation between narrative and money market indicators of monetary policy. Economic Inquiry. 33:1995;24-44.
3. Cecchetti S.G. Distinguishing theories of the monetary transmission mechanism. Review of Federal Reserve Bank of St Louis. 77:1995;83-97.
4. Gertler M. Financial structure and aggregate economic activity: an overview. Journal of Money, Credit, and Banking. 20:1988;559-588.
5. Gertler M., Gilchrist S. Monetary policy, business cycles, and the behavior of small manufacturing firms. Quarterly Journal of Economics. 109:1994;309-340.
6. Gertler, M., Hubbard, R.G., 1988. Financial factors in business fluctuations. In: Federal Reserve Bank of Kansas City, Financial Market Volatility, 33-71.
7. Hubbard, R.G., 1994. Is there a 'credit channel' for monetary policy? National Bureau of Economic Research Working Paper, December, #4977.
8. Hubbard R.G., Kashyap A.K., Whited T.M. Internal finance and firm investment. Journal of Money, Credit, and Banking. 27:1995;683-701.
9. Kashyap A., Stein J., Wilcox D. Monetary policy and credit conditions: evidence from the composition of external finance. American Economic Review. 83:1993;78-98.
10. Morgan, D.P., 1993. Asymmetric effects of monetary policy. Economic Review of Federal Reserve Bank of Kansas City, Second Quarter, 21-32.
11. Peek J., Rosengren E. The capital crunch: neither a borrower nor a lender be. Journal of Money, Credit, and Banking. 27:1995;625-638.
12. Romer C.D., Romer D.H. Monetary policy matters. Journal of Monetary Economics. 34:1994;75-88.