• Jürgen von Hagen
Conference paper


This chapter gives a fascinating overview of a very dynamic field of empirical research to which Glenn Hubbard himself has contributed a lot in recent years. As it is too rich to comment on all of aspects, I will concentrate my comments on two points, the importance of financial market imperfections for macroeconomic modeling, and the role of financial innovation in the transmission of monetary policy.


Interest Rate Monetary Policy Bank Loan Financial Innovation Monetary Policy Shock 
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  1. Fender, I. 2000. Financial Derivatives and Monetary Policy Transmission. PhD dissertation, ZEI University of Bonn.Google Scholar
  2. Gertler, M. and S. Gilchrist. 1994. Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms. Quarterly Journal of Economics, 109, pp. 309–340.CrossRefGoogle Scholar

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© Springer-Verlag Berlin Heidelberg 2001

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  • Jürgen von Hagen

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