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The transmission mechanism of monetary policy at the beginning of the third millennium

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Author Info
Katerina Smidkova (Czech National Bank)

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Abstract

In 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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Publisher Info
Paper provided by EconWPA in its series Macroeconomics with number 0403012.

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Length: 25 pages
Date of creation: 19 Mar 2004
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Handle: RePEc:wpa:wuwpma:0403012

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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Related research
Keywords: 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:

References listed on IDEAS
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.:
  1. Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
    Other versions:
  2. Ben Bernanke & Mark Gertler, 1999. "Monetary policy and asset price volatility," Proceedings, Federal Reserve Bank of Kansas City, pages 77-128. [Downloadable!]
    Other versions:
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Cited by:
(explanations, 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.)

  1. Lepushynskyy, Volodymyr, 2008. "Lines of monetary transmission optimization under conditions of transition economy," MPRA Paper 10102, University Library of Munich, Germany. [Downloadable!]
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