Канал банковского кредитования и эффект ликвидности Кашьяпа и Штейна в России
The article comprises the analysis of a bank credit channel of monetary policy transmission mechanism. It also provides the analysis of factors which determine the heterogeneity of different banks’ response to monetary policy impulses. This heterogeneity is becoming of more importance since the Bank of Russia is switching towards inflation targeting. Special attention is paid to previously unexamined for Russia Kashyap and Stein liquidity effect which implies that banks with less liquid assets respond to monetary policy impulses in a greater degree. Our results suggest that in Russia the relationship between a liquidity level and a response to monetary policy impulse holds only for the banks with a sustainable business model.