The Monetary Transmission Mechanism : An Empirical Framework

  title={The Monetary Transmission Mechanism : An Empirical Framework},
  author={John Bernard Taylor},
he purpose of this paper is to present a simple framework for analyzing the monetary transmission mechanism: the process through which monetary policy decisions are transmitted into changes in real GDP and inflation. There are, of course, many different views of the monetary transmission mechanism. These views differ in the emphasis they place on money, credit, interest rates, exchange rates, asset prices or the role of commercial banks and other financial institutions. The particular… CONTINUE READING

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