BANKS, CAPITAL MARKETS, AND THE MONETARY TRANSMISSION MECHANISM
综述了银行行为与货币政策传导的最新文献，探讨信息不对称对信贷和资本市场的影响，以及净财富在宏观经济波动中的作用，对研究货币政策的学者有参考价值。
This paper reviews the recent literature on bank behavior and the transmission process of monetary policy. It examines the implications of asymmetric information for the credit market and the capital market and discusses the macroeconomic significance of these results. In models with imperfect information net worth is found to play a key role in generating macroeconomic fluctuations and in the monetary transmission process. The special characteristics of banks are discussed and also the conditions required for the presence of a distinct credit channel for monetary policy. Empirical evidence on the importance of the new theories is briefly reviewed including an evaluation of the role of capital market imperfections in investment and consumption and the differential impact of monetary policy on small and large firms. The lessons to be drawn from these theoretical and empirical results for the conduct of monetary policy are briefly outlined.