External finance, and the credit channel of transmission of monetary policy in the UK manufacturing industry
Yalcin, Cihan (2004) External finance, and the credit channel of transmission of monetary policy in the UK manufacturing industry. PhD thesis, University of Nottingham.
Understanding the mechanism through which monetary policy affects real economic activity is a very important issue for attaining macroeconomic stability. Financial innovations during the last two decades and imperfections in the financial markets make this mechanism more complicated. The link between policy and real activity can be better understood by taking into consideration the variety of financial assets, agency costs, micro level information involved in financial transactions and identification of supply and demand effects.
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