The Bernanke-Blinder Model in an Open Economy: Credit Channel, Money Transmission and Output Fluctuation

机译：开放经济中的伯南克-布莱德模型：信贷渠道，货币转移和产出波动

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This paper, using the monthly data from 1996???2009, analyzes the functioning of monetary policy transmission mechanisms in china, highlighting the role performed by the credit system. Firstly, We extend the Bernanke and Blinder model to the case of an open economy, deriving analytically the conditions for the functioning of the three monetary policy channels: money, exchange rate and credit. And then, By means of a structural VAR analysis, we evaluate the effectiveness of the transmission of monetary policy through the three channels. The results shows that, credit channel significantly enlarge the effects of monetary policy.

机译：本文利用1996年至2009年的月度数据，分析了中国货币政策传导机制的功能，强调了信用体系的作用。首先，我们将伯南克和布林德模型扩展到开放经济的情况下，分析得出货币，汇率和信贷这三种货币政策渠道的运行条件。然后，通过结构VAR分析，我们评估了通过三个渠道传导货币政策的有效性。结果表明，信贷渠道显着扩大了货币政策的作用。

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《Proceedings of the International Conference on E-Business and E-Government》|2010年|P.2979-2982|共4页
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Xianling Yang;
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中图分类数字通信网;
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SVAR; credit channel; monetary policy shocks;

机译：SVAR;信贷渠道;货币政策冲击;

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机译：小型开放经济的DSGE模型中的银行信贷和货币创造
4. The Bernanke-Blinder Model in an Open Economy: Credit Channel, Money Transmission and Output Fluctuation [C] . Xianling Yang International Conference on E-Business and E-Government . 2010

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5. Essays on Banking, Credit, and Money, and Their Relationship to Output, Population, and Productivity [D] . Dorval, Bill 2018

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7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

The Bernanke-Blinder Model in an Open Economy: Credit Channel, Money Transmission and Output Fluctuation

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