The transmission mechanism of monetary policy at the beginning of the third millennium
AbstractIn last decade, three important challenges – the introduction of new strategies for monetary policy, the observed differences in anatomy of financial crisis between developed and emerging economies, and the emergence of the EMU – gave rise to new focus of debate about transmission mechanism of monetary policy. Three stages of transmission have been distinguished more clearly. The emphasis has been given to several transmission channels that had not been in the core of the previous debate. The differences in transmission mechanism of monetary policy across countries have been analyzed, and consequently, more attention has been paid to risks when deriving lessons from one country experience for another economy. An overview of the theoretical foundations, three main stages and channels of transmission mechanism provides background for illustrations of cross-country differences. The specific problems of transmission mechanism of monetary policy in emerging economies are discussed in more detail.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0403012.
Length: 25 pages
Date of creation: 19 Mar 2004
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Note: Type of Document - pdf; pages: 25. This is an up-dated English version of the paper published in the Czech Journal of Economics and Finance [in Czech] in 2002
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Transmission mechanism Monetary policy Emerging economies;
Find related papers by JEL classification:
- E - Macroeconomics and Monetary Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-04-11 (All new papers)
- NEP-DEV-2004-03-22 (Development)
- NEP-IFN-2004-04-11 (International Finance)
- NEP-MAC-2004-04-11 (Macroeconomics)
- NEP-MON-2004-03-22 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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