Shaken or Stirred? Financial Deregulation and the Monetary Transmission Mechanism in Norway
通过估计挪威的货币、信贷、实际收入和通胀的动态系统，研究发现金融放松管制并未永久改变长期需求函数，但信贷和货币对总需求有稳定影响，支持了货币政策的信贷观点。
Is there a credit channel for monetary policy? Has the deregulation of financial markets had any temporary or permanent effects on the monetary transmission mechanism? We present empirical evidence on these issues for Norway by estimating a dynamic system of money, credit, real income and inflation. We find that the deregulation process has not caused any permanent shifts in the long‐run demand functions. Within a small simultaneous dynamic model, there is some evidence for the credit view of the monetary transmission mechanism, as both credit and money exhibit strong and stable effects on aggregate demand.