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The Credit Channel in Japan: Resolving the Supply versus Demand Puzzle

Suzuki, Tomoya


A long-standing macroeconomic issue is how monetary policy affects the real economy. Previous VAR research has found that bank loans typically contracted following a monetary tightening. This is consistent with the credit view: a monetary tightening decreases aggregate demand by shifting the loan supply curve left. However, the finding is consistent with another interpretation: a monetary tightening operates through the conventional money channel and decreases the demand for loans. This...[Show more]

CollectionsANU Research Publications
Date published: 2001
Type: Working/Technical Paper


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