Bank lending and monetary policy: evidence on a credit channel

While there is widespread agreement that banks play a key part in the transmission of monetary policy actions to the economy, debate continues on whether bank lending plays a special part in the monetary transmission mechanism. If a special lending or credit channel exists, changes in the willingness and ability of banks to extend credit may have implications for the economy. Moreover, ongoing changes in the role of banks in financial markets may affect the credit channel and so alter the monetary transmission mechanism.> Recent research on a bank credit channel has focused on two questions. Are certain borrowers so dependent on bank lending that any change in banks' willingness to lend has an immediate effect on investment and spending decisions? And, do monetary policy changes directly constrain bank lending? Both conditions are necessary for bank lending to play a special role in the monetary transmission mechanism.> Morris and Sellon provide insight into the second question--whether bank lending is constrained by monetary policy. The authors analyze how banks adjust the amount and terms of business lending when monetary policy is tightened. The analysis differs from previous research by using a more precise measure of monetary policy actions, which allows a more accurate identification of episodes of monetary tightening. The authors suggest that bank business lending is not constrained by restrictive monetary policy. Thus, Morris and Sellon conclude, monetary policy does not operate through a special credit channel.Bank loans ; Monetary policy

Evaluation of the toxicity of contaminated sediments in the James River, Virginia

The Virginia State Water Control.Board, in cooperation with the Department of Chemical Oceanography of the Virginia Institute of Marine Science has recently conducted periodic chemical surveys of organic pollutants in the sediments of the upper James River. The August 1983 survey showed elevated concentrations of polycyclic aromatic hydrocarbons (PAH) at Stations ·4 and 7 (Figure 1 and Table 1). Although the reported concentrations were approximately one order· of magnitude lower than those reported in contaminated areas of the Elizabeth River, they were deemed high enough to warrant_ further study based on reported toxicity of Elizabeth River sediments (Hargis et al. 1984; Roberts et al. 1985). The purpose of the present-study was to determine if the sediments from these two sites were contaminated to the extent that they would be acutely toxic to fish

Market value accounting for banks: pros and cons

Banks and banking - Accounting

Wave Climate Model of the Mid-Atlantic Shelf and Shoreline (Virginia Sea): Model Development, Shelf Geomorphology, and Preliminary Results

A computerized wave climate model is developed that applies linear wave theory and shelf depth information to predict wave behavior as they pass over the continental shelf as well as the resulting wave energy distributions along the coastline. Reviewed are also the geomorphology of the Mid-Atlantic Continental Shelf, wave computations resulting from 122 wave input conditions, and a preliminary analysis of these data

Bye Bye Birdie / music by Charles Strouse; words by Lee Adams

Cover: shows a listing of all performers in Edward Padulas production Bye Bye Birdie; Publisher: Edwin H. Morris and Co., Inc. (New York)https://egrove.olemiss.edu/sharris_e/1085/thumbnail.jp

Measuring Strategic Uncertainty in Coordination Games

Lecture on the first SFB/TR 15 meeting, Gummersbach, July, 18 - 20, 2004This paper explores predictability of behavior in coordination games with multiple equilibria. In a laboratory experiment we measure subjects' certainty equivalents for three coordination games and one lottery. Attitudes towards strategic uncertainty in coordination games are related to risk aversion, experience seeking, gender and age. From the distribution of certainty equivalents among participating students we estimate probabilities for successful coordination in a wide range of coordination games. For many games success of coordination is predictable with a reasonable error rate. The best response of a risk neutral player is close to the global-game solution. Comparing choices in coordination games with revealed risk aversion, we estimate subjective probabilities for successful coordination. In games with a low coordination requirement, most subjects underestimate the probability of success. In games with a high coordination requirement, most subjects overestimate this probability. Data indicate that subjects have probabilistic beliefs about success or failure of coordination rather than beliefs about individual behavior of other players

Row Widths for Full Season Soybeans in Kentucky

Soybean yields in Kentucky have increased steadily in the past 20 years as a result of improved varieties and production practices. To achieve even higher yields new varieties and better production practices need to be developed and tested. One possibility for increasing soybean yields is to plant in narrow rows using varieties which respond to this practice. Although previous research in Kentucky has not shown a yield advantage for full season soybeans planted in narrow rows, researchers in other states have recently shown increases in yield with narrowing row widths. A number of new varieties have also been developed specifically for narrow row plantings. These varieties are shorter, lodge less, and have a high yield potential. This study was designed to answer the question: Will narrow row widths provide higher yields for these soybean varieties when grown under full season conditions in Kentucky

Factors That Impact Student Performance in a Course Sequence

On-line courses have become an important component of the delivery of courses in all areas of education. The validity of online delivery is challenged if Web students perform poorly in subsequent major courses. This paper investigates the effect of mode of delivery and other factors on the level of success, failure, potential, and limitations of web delivery in course sequences. This study was conducted on a two-course sequence in the Computer Information Systems Department at Metropolitan State College of Denver. The result of this research identifies important factors impacting student success in this two course sequence