The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data



γ0- β0

μo о ;

β3 -γ3


μι    n ;     μ2

β3 3
(-)

β1

β3 -γ3
(+)


(A1.7)


μ3=- /Л2 ;

β3 3

μ4γ- ;

β3 3
(+)

δ γ0β30γ3
0
=                  ;

β3 3


= β3γ1 ;
β3 3

(+)


δ2 =- β1γ3

2   β3 3

(+)


(A1.8)


δ    β2γ3

δ3 =-       ;

β3 -γ3


β3γ4

4=          ;

β3 -γ3

Similarly, from (A1.3)
market:


and (A1.4) we get the equilibrium solution for the credit

lt = φ о+Ψι ln( D / P ) t+φ 2 ln( D / P ) tzit+ φ 3 ln yt+φ ∏t+(a it


(-)


(+)


(+)


(?)     (+)


(A1.9)


ln(C/ P)t = Ρ0+ Pi ln(D/ P)t+ Ρ2 ln(D / P)tzit + Ρ3lnyt + P4πt + P5it


(+)


(-)


(+)     (-)   (?)


(A1.10)


where


α00

Ψ 0    ^         ;

λ3 3


α1

1 λ3- α3
(-)

α2

Φ 2 = ~Γ~^
λ
3- α3

(+)

(A1.11)


λ1

Φ3 =- .    .,

λ3- α3
(+)

α5- λ2

; φ4 = √---;

λ3 -α3

(?)

α4- λ4

<P 5 =

λ3- α3

(+)


40




More intriguing information

1. The name is absent
2. The Effects of Attendance on Academic Performance: Panel Data Evidence for Introductory Microeconomics
3. DEVELOPING COLLABORATION IN RURAL POLICY: LESSONS FROM A STATE RURAL DEVELOPMENT COUNCIL
4. LIMITS OF PUBLIC POLICY EDUCATION
5. THE CO-EVOLUTION OF MATTER AND CONSCIOUSNESS1
6. The Role of State Trading Enterprises and Their Impact on Agricultural Development and Economic Growth in Developing Countries
7. Comparison of Optimal Control Solutions in a Labor Market Model
8. Thresholds for Employment and Unemployment - a Spatial Analysis of German Regional Labour Markets 1992-2000
9. Why unwinding preferences is not the same as liberalisation: the case of sugar
10. The East Asian banking sector—overweight?