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


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  • Katerina Smidkova

    (Czech National Bank)


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

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Length: 25 pages
Date of creation: 19 Mar 2004
Date of revision:
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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Keywords: Transmission mechanism Monetary policy Emerging economies;

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  1. Ben Bernanke & Mark Gertler, 2000. "Monetary Policy and Asset Price Volatility," NBER Working Papers 7559, National Bureau of Economic Research, Inc.
  2. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
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Cited by:
  1. Lepushynskyy, Volodymyr, 2008. "Lines of monetary transmission optimization under conditions of transition economy," MPRA Paper 10102, University Library of Munich, Germany.


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