"...this volume brings together a wide variety of empirical and theoretical models of financial factors and monetaru policy....The wide-ranging set of essays in the volume's middle present a series of ideas that may ultimately prove useful in bridging this gap." Timothy S. Fuerst, Journal pf Economic Literature

• Part I. Introduction: Mario I. Blejer, Zvi Eckstein, Zvi Hercowitz and Leonardo Leiderman; Part II. Transmission of Credit Policy: 1. The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence Mark Gertler and Simon Gilchrist; 2. Identification and the effects of monetary policy shocks Lawrence J. Christiano, Martin Eichenbaum and Charles Evans; 3. Credit market imperfections and low-output equilibria in economies in transition Guillermo A. Calvo and Fabrizio Coricelli; Part III. International Financial Factors: 4. Transparency and the evolution of exchange rate flexibility in the aftermath of disinflation Alex Cukierman, Miguel Kiguel and Leonardo Leiderman; 5. Cross-border banking Jonathon Eaton; 6. Immigration and growth under imperfect capital mobility: the case of Israel Zvi Hercowitz, Nirit Kantor and Leora Meridor; Part IV. Financial Innovation and Growth: 7. Interpreting monetary stabilization in a growth model with credit goods production Rao Aiyagari and Zvi Eckstein; 8. The macroeconomic effects of financial innovation: the case of Israel Rafael Melnik and Eran Yashiv.

"...this volume brings together a wide variety of empirical and theoretical models of financial factors and monetaru policy....The wide-ranging set of essays in the volume's middle present a series of ideas that may ultimately prove useful in bridging this gap." Timothy S. Fuerst, Journal pf Economic Literature

• Part I. Introduction: Mario I. Blejer, Zvi Eckstein, Zvi Hercowitz and Leonardo Leiderman; Part II. Transmission of Credit Policy: 1. The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence Mark Gertler and Simon Gilchrist; 2. Identification and the effects of monetary policy shocks Lawrence J. Christiano, Martin Eichenbaum and Charles Evans; 3. Credit market imperfections and low-output equilibria in economies in transition Guillermo A. Calvo and Fabrizio Coricelli; Part III. International Financial Factors: 4. Transparency and the evolution of exchange rate flexibility in the aftermath of disinflation Alex Cukierman, Miguel Kiguel and Leonardo Leiderman; 5. Cross-border banking Jonathon Eaton; 6. Immigration and growth under imperfect capital mobility: the case of Israel Zvi Hercowitz, Nirit Kantor and Leora Meridor; Part IV. Financial Innovation and Growth: 7. Interpreting monetary stabilization in a growth model with credit goods production Rao Aiyagari and Zvi Eckstein; 8. The macroeconomic effects of financial innovation: the case of Israel Rafael Melnik and Eran Yashiv.