Inside the Black Box: The Credit Channel of Monetary Policy Transmission
阐释了信贷渠道理论，即紧缩货币时期信贷市场信息摩擦加剧，外部融资溢价上升，从而放大货币政策对实体经济的影响，并讨论了资产负债表和银行借贷两个子渠道。
The ‘credit channel’ theory of monetary policy transmission holds that informational frictions in credit markets worsen during tight-money periods. The resulting increase in the external finance premium--the difference in cost between internal and external funds--enhances the effects of monetary policy on the real economy. The authors document the responses of GDP and its components to monetary policy shocks and describe how the credit channel helps explain the facts. They discuss two main components of this mechanism, the balance sheet and bank lending channels. The authors argue that forecasting exercises using credit aggregates are not valid tests of this theory.