کانال وام بانک و ضمیمه ها ی آینده قوانین سیاست پولی

Many channels exist through which monetary policy decisions affect the economy. This paper examines the bank lending channel, which reflects the central bank's actions that affect loan supply and real spending. The main variable that affects loan supply is the monetary policy indicator as it is proxied by the real short-term interest rate. This paper examines how the bank lending channel operates when this short-term indicator is endogenously determined by the target rate the central bank sets through a monetary policy rule. Furthermore, it examines whether different bank-specific characteristics affect the way banks react to a monetary shock. We investigate the effect of such a rule on the bank lending channel in European banking institutions spanning 2000 through 2009. The expectations, concerning both inflation and output, affect the decision of the central bank for the target rate, which, in turn, affect the private sector's expectations -banks- by altering their loan supply.

The monetary transmission mechanism provides a powerful tool for the monetary authorities to affect the real economy. This mechanism includes various channels through which the conduct of monetary policy affects the economy. Two of the main channels include the interest rate channel (money view) and the credit channel (credit view). In the former channel, monetary policy changes affect aggregate demand through interest rates, whereas in the latter channel, monetary policy changes accommodate the transmission of policy decisions by altering the availability and supply of loans (Hernando and Pages, 2001). One sub-channel within the credit view is the bank lending channel, which relates to the supply of credit and “stems from financial market incompleteness and relies on imperfect substitutability” (Gambacorta, 2005, p. 1737), while an alternative sub-channel within the credit view is the balance sheet channel, which relates to the balance sheet and income statements and the informational frictions that alter the external finance premium. Changes in reserves cause the alteration in banks’ loan supply, resulting initially from the decisions of central banks about their target interest rate. This paper examines the effect on the operation of the bank lendingchannel when we employ different measures of the central banks’ primary monetary policy instrument (i.e., a target interest rate), which depends on a set of macroeconomic variables. In other words, this paper investigates the effect on the bank lending channel in a number of euro area economies, since most European developed economies rely much more heavily on indirect bank finance rather than direct stock and bond market finance, where we use different interest rate rules as alternative monetary policy indicators. The formulation of these rules depends on timing issues – lagged, current, or forecast values to inform the policy rule. We then compare the results across the different policy rules. The empirical findings show that the bank lending channel operates most robustly to forward-looking monetary policy rules. A limited literature exists on direct econometric estimates of the European Central Bank (ECB) monetary policy rules. Although Hayo and Hoffman (2005) estimate such rules, their empirical analysis does not examine flexible forms of monetary policy rules. We organize the rest of the paper as follows: Section 2 reviews the literature concerning the bank lending channel and interest rate rules. Section 3 presents and analyses the data. Section 4 refers to the methodology used both for the estimation of the different types of rules and the lending channel. Finally, Section 5 reports the findings and Section 6 concludes.

Interest rate rules now command significant attention as an interesting aspect of monetary policy, since they provide a convenient way to investigate the behavior of central banks. The bank lending channel also commands significant attention as well, because its operation passes the monetary authorities’ decisions into the real economy by altering the loan supply of banks. In this paper, we estimate three types of interest rate rules -- backward-looking, contemporaneous (Taylor-type), and forward-looking rules. We estimate these interest rate rules for three economies: the Euro-group, which consists of selected European countries with the Euro as a common currency, Denmark, and the UK over the period 2000 to 2009. We used these estimates in the second part of the paper to examine the bank lending channel in these economies under four scenarios concerning the interest rate used as a monetary policy indicator -- the central bank interest rate and the three different interest rate targets derived from the backward-looking, the Taylor, and the forward-looking rules.