Credit Rationing, Money Market Innovations, and the Monetary Transmission Mechanism in Japan |
Common terms and phrases
bank credit bank loans Bank of Japan banking behavior banking sector behavior of banks BL+C BOJ determines BOJ lending BOJ loan BOJ's credit rationing call market call money call rate rises certificates of deposit Chart coefficient commercial banks commercial loan commercial paper rate cost demand deposits demand for money demand for reserves deposit supply development of money discount rate disequilibrium effect equation equilibrium demand estimated excess demand financial assets financial institutions financial markets free reserves higher call rate increase in lendings interest rates Japanese financial system lendings by banks loan changes induced loans to banks market rate monetary policy money market funds money market innovations money market instruments money market model money supply shocks non-deposit liabilities open market operations private sector public's demand quantitative constraint quantitative restriction required reserves reserve requirements result short run short-term supply of reserves total reserves transaction deposits transmission mechanism window guidance