Journal of Money, Credit & Banking

Reports major findings in the study of financial institutions, financial markets, monetary and fiscal policy, credit markets, money and banking.

Articles from Vol. 35, No. 2, April

Bank-Firm Relationships and Contagious Banking Crises
IN DEVELOPING COUNTRIES, external finance to firms is provided mainly by banks. Furthermore, bank--firm relationships are very close and borrowers usually rely on a single bank. (1) This situation is usually condemned for causing problems of crony...
Desirability of Nominal GDP Targeting under Adaptive Learning
MONETARY POLICY RULES that utilize as their principal target variable the level or growth rate of some aggregate measure of nominal spending, such as nominal GDP, have had considerable academic support since the early 1980s. More recently, arguments...
Divisia Index, Inflation, and Welfare
THIS WORK AIMS AT INVESTIGATING, in the search for an adequate measure of the welfare costs of inflation, the fact that some assets included in the theoretically relevant definition of money pay interest, while others do not. The problem is widespread...
Inflation and the Informativeness of Prices
ALTHOUGH INFLATION IS WIDELY VIEWED as a major economic problem, economists have yet to give a clear account of why it is costly. An appealing but vague theme in many discussions is that inflation reduces the efficiency of the price system. Relative...