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. 22, No. 2, May

Do Liquidity Constraints Vary over Time? Evidence from Survey and Panel Data
Do Liquidity Constraints Vary over Time? Evidence From Survey and Panel Data 1. Introduction One of the most widely debated issues in the study of consumer behavior is the validity of the life cycle - permanent income hypothesis (LC - PIH)....
Foreign Inflation Transmission under Flexible Exchange Rates and Currency Substitution
Foreign Inflation Transmission under Flexible Exchange Rates and Currency Substitution A STRONG MOTIVATION FOR MOVING AWAY from a system of fixed exchange rates in the 1970s was the belief that a country would be provided with insulation from foreign...
Inflation and Reputation with Generic Policy Preferences
Inflation and Reputation with Generic Policy Preferences THIS PAPER DERIVES A REPUTATIONAL EQUILIBRIUM for inflation under the generic assumption that monetary policy reflects proximate preferences for low expected inflation and positive unexpected...
Loan Commitments and Optimal Monetary Policy
Loan Commitments and Optimal Monetary Policy THERE IS A GROWING RECOGNITION that standard models of the monetary policy process are "sterile" in that they oversimplify the role of bank credit. Recent work (notably Bernanke 1983, Bernanke and Blinder...
Money Supply Announcements and Market Reactions in an Open Economy
Money Supply Announcements and Market Reactions in an Open Economy REACTIONS IN MONEY, BOND, AND FOREIGN EXCHANGE markets induced by the Federal Reserve's weekly money supply announcement have been extensively documented and interpreted. The most...
Money Supply Announcements and the Market's Perception of Federal Reserve Policy
Money Supply Announcements and the Market's Perception of Federal Reserve Policy IN THIS PAPER WE EXAMINE the unsettled question of why interest rates rose in response to positive innovations in the money supply during the early and mid-1980s.(1)...
Savings, Commodity Market Rationing, and the Real Rate of Interest in China
Savings, Commodity Market Rationing, and the Real Rate of Interest in China 1. INTRODUCTION DEVELOPING ADEQUATE THEORIES to describe household savings behavior has been a major element in modern economics. In this paper we attempt to develop...
The Effect of State Foreclosure Laws on Loan Losses: Evidence from the Mortgage Insurance Industry
The Effect of State Foreclosure Laws on Loan Losses: Evidence from the Mortgage Insurance Industry SEVERAL RESEARCH EFFORTS have focused on the effect of state laws on various aspects of credit markets. James (1984) found that the managerial efficiency...
The International Debt Crisis, Investor Contagion, and Bank Security Returns in 1987: The Brazilian Experience
The International Debt Crisis, Investor Contagion, and Bank Security Returns in 1987: The Brazilian Experience WHEN MEXICO ANNOUNCED ITS DEBT MORATORIUM in August 1982, disclosure requirements for bank loans to less-developed countries (LDCs) were...