The idea of a monetary channel through market discipline/risk-pricing appears in earlier versions of this paper presented at: the Bank of Thailand Research Department in Bangkok, Thailand in December 2007; the WEAI Conference in Hawaii in June 2008; the SEA Conference in San Antonio, TX, November 2009; and the WEAI Conference in Portland, OR, June 2010. We thank Elijah Brewer, Bob Hetzel, Dmytro Holod, Ryan Lampe, and especially Ewa Nikiel for discussions and comments that greatly improved this paper, and Christopher Crowe for providing the Romer–Romer policy data. We also thank the two anonymous referees and the editor, Bob DeYoung, for comments that helped to sharpen our arguments and encouraged us to explore the effect of the risk-pricing channel on the growth of jumbo CDs and total loans.
Monetary Policy, Bank Lending, and the Risk-Pricing Channel
Version of Record online: 22 MAY 2012
© 2012 The Ohio State University
Journal of Money, Credit and Banking
Volume 44, Issue 4, pages 573–602, June 2012
How to Cite
KISHAN, R. P. and OPIELA, T. P. (2012), Monetary Policy, Bank Lending, and the Risk-Pricing Channel. Journal of Money, Credit and Banking, 44: 573–602. doi: 10.1111/j.1538-4616.2012.00502.x
- Issue online: 22 MAY 2012
- Version of Record online: 22 MAY 2012
- Received September 1, 2010; and accepted in revised form September 29, 2011.
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