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The monetary transmission mechanism: some answers and further questions

Citations

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Cited by:

  1. Joanna Stawska & Katarzyna Miszczyńska, 2017. "The Impact of the European Central Bank’s Interest Rates on Investments in the Euro Area," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5, pages 51-72.
  2. Ghazanchyan, Manuk, 2014. "Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka," MPRA Paper 59444, University Library of Munich, Germany.
  3. Svetlana Vtyurina & Fahad Alturki, 2010. "Inflation in Tajikistan: Forecasting Analysis and Monetary Policy Challenges," IMF Working Papers 2010/017, International Monetary Fund.
  4. Bank for International Settlements, 2008. "Financial market developments and their implications for monetary policy," BIS Papers, Bank for International Settlements, number 39.
  5. Yu Hsing, 2005. "Impacts of macroeconomic policies on the Latvian output and policy implications," Applied Economics Letters, Taylor & Francis Journals, vol. 12(8), pages 467-471.
  6. Taha Bahadir Sarac & OkYAY Ucan, 2013. "The Interest Rate Channel in Turkey: An Investigation with Kalman Filter Approach," International Journal of Economics and Financial Issues, Econjournals, vol. 3(4), pages 874-884.
  7. Narayan Kundan Kishor & Monique Newiak, 2014. "The Instability In The Monetary Policy Reaction Function And The Estimation Of Monetary Policy Shocks," Contemporary Economic Policy, Western Economic Association International, vol. 32(2), pages 390-402, April.
  8. Knut Are Aastveit & Gisle James Natvik & Sergio Sola, 2013. "Economic uncertainty and the effectiveness of monetary policy," Working Paper 2013/17, Norges Bank.
  9. Yu Hsing, 2004. "Impacts of macroeconomic policies on the Mexican output," Global Economic Review, Taylor & Francis Journals, vol. 33(1), pages 85-94.
  10. Armstrong, Christopher S. & Glaeser, Stephen & Kepler, John D., 2019. "Accounting quality and the transmission of monetary policy," Journal of Accounting and Economics, Elsevier, vol. 68(2).
  11. Stawska, Joanna & Miszczyńska, Katarzyna, . "Wpływ stóp procentowych banku centralnego na inwestycje w strefie euro," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2017(5).
  12. Yu Hsing, 2006. "Responses of output in Poland to shocks to the exchange rate, the stock price, and other macroeconomic variables: a VAR model," Applied Economics Letters, Taylor & Francis Journals, vol. 13(15), pages 1017-1022.
  13. Mark Ladenson, 2007. "Monetary Theory," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 35(2), pages 249-254, June.
  14. Yu Hsing, 2004. "Response of Venezuelan output to monetary policy, deficit spending, and currency depreciation: a VAR model," Revista de Economía del Rosario, Universidad del Rosario.
  15. Haydar Akyazi & Seyfettin Artan, 2006. "Reflections of the New Economy on the Monetary Policy and Central Banking," Papers of the Annual IUE-SUNY Cortland Conference in Economics, in: Oguz Esen & Ayla Ogus (ed.), Proceedings of the Conference on Human and Economic Resources, pages 373-387, Izmir University of Economics.
  16. repec:kap:iaecre:v:12:y:2006:i:2:p:203-211 is not listed on IDEAS
  17. Zhiqiang Lan & Zhaoyu Guo & Guoyao Wu & Ye Guo, 2025. "The Impact of Monetary Policy Through Production Networks—Empirical Evidence from Sectoral Electricity Consumption in China," Sustainability, MDPI, vol. 17(19), pages 1-24, October.
  18. Saidu Swaray, 2022. "The Transmission Channel of Monetary Policy to the Real Economy Revisited: Evidence From Sierra Leone," Applied Economics and Finance, Redfame publishing, vol. 9(3), pages 21-42, August.
  19. Muhammad Salman Ahmad & Elżbieta Izabela Szczepankiewicz & Dai Yonghong & Farid Ullah & Ihsan Ullah & Windham Eugene Loopesco, 2022. "Does Chinese Foreign Direct Investment (FDI) Stimulate Economic Growth in Pakistan? An Application of the Autoregressive Distributed Lag (ARDL Bounds) Testing Approach," Energies, MDPI, vol. 15(6), pages 1-16, March.
  20. Ansgar Belke & Marcel Wiedmann, 2013. "Monetary Policy, Stock Prices and Central Banks - Cross-Country Comparisons of Cointegrated VAR Models," Ruhr Economic Papers 0435, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  21. Philip Arestis & Malcolm Sawyer, 2004. "Macroeconomic policies of the Economic and Monetary Union: theoretical underpinnings and challenges," Chapters, in: Philip Arestis & Malcolm Sawyer (ed.), Neo-Liberal Economic Policy, chapter 7, Edward Elgar Publishing.
  22. Müller, Alexander & Paulick, Jan, 2020. ""The devil is in the details, but so is salvation": Different approachesin money market measurement," Discussion Papers 66/2020, Deutsche Bundesbank.
  23. FUJITA, Shumpei & IIBOSHI, Hirokuni & SHINTANI, Mototsugu, 2026. "Macroeconomic Effects of Unconventional Monetary Policy in Japan : Analysis Using Narrative Sign Restrictions," Discussion paper series HIAS-E-156, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
  24. Tayyaba Mukhtar & Muhammad Zeeshan Younas, 2019. "Monetary Policy Transmission Mechanism of Pakistan: Evidence from Bank Lending and Asset Price Channels," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 7(3), pages 121-139, September.
  25. Pedro J. Gutiérrez-Diez & Tibor Pál, 2023. "Monetary policy models: lessons from the Eurozone crisis," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 10(1), pages 1-19, December.
  26. Kenneth N Kuttner, 2008. "Equity prices as leading indicators: the Asian experience," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial market developments and their implications for monetary policy, volume 39, pages 167-192, Bank for International Settlements.
  27. Jean Boivin & Marc Giannoni, 2001. "Has monetary policy become less powerful?," Staff Reports 144, Federal Reserve Bank of New York.
  28. Emmanuel SENZU, 2018. "The Theory of Catallactics Misapplication in Monetary Policy of Developing Economies and Consequences," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 9(1), pages 24-33.
  29. Kashif Munir, 2020. "Effectiveness of Monetary Policy on Money and Credit in Pakistan," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 14(2), June.
  30. Ansgar Belke & Marcel Wiedmann, 2018. "Dissecting long-run and short-run causalities between monetary policy and stock prices," International Economics and Economic Policy, Springer, vol. 15(4), pages 761-786, October.
  31. Adebayo Augustine Kutu & Harold Ngalawa, 2016. "Monetary Policy Shocks And Industrial Output In Brics Countries," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 66(3), pages 3-24, July-Sept.
  32. Rosas-Martinez, Victor H., 2016. "On Monetary Policy, Unemployment, and Economic Growth," MPRA Paper 70980, University Library of Munich, Germany.
  33. Malik Qasim KHASAWNEH, 2015. "The Impact of Monetary policy on Consumption and Investment in Jordan during (1989-2013)," Journal of Economics Library, KSP Journals, vol. 2(3), pages 155-164, September.
  34. I. Arnold & C.J.M. Kool & K. Raabe, 2005. "New evidence on the firm size effects in US monetary policy transmission," Working Papers 05-11, Utrecht School of Economics.
  35. Feldkircher, Martin & Gruber, Thomas & Huber, Florian, 2020. "International effects of a compression of euro area yield curves," Journal of Banking & Finance, Elsevier, vol. 113(C).
  36. Bilin Neyapti, 2010. "Macroeconomic Institutions and Development," Books, Edward Elgar Publishing, number 12960, June.
  37. Muhammad Naveed Tahir, 2012. "Relative Importance of Monetary Transmission Channels in Inflation Targeting Emerging Economies," EcoMod2012 4092, EcoMod.
  38. Berna AK BÄ°NGÃœL, 2019. "A theoretical investigation on real sector reflection of the change in monetary policy decisions," Journal of Economics Library, EconSciences Journals, vol. 6(3), pages 225-236, September.
  39. Reimo Juks, 2004. "The importance of the bank-lending channel in Estonia: evidence from micro-economic data," Bank of Estonia Working Papers 2004-6, Bank of Estonia, revised 11 Nov 2004.
  40. Xin Long & Mr. Mangal Goswami & Andreas Jobst, 2009. "An Investigation of Some Macro-Financial Linkages of Securitization," IMF Working Papers 2009/026, International Monetary Fund.
  41. Arnold, Ivo J. M. & Kool, Clemens J. M. & Raabe, Katharina, 2006. "Industries and the bank lending effects of bank credit demand and monetary policy in Germany," Discussion Paper Series 1: Economic Studies 2006,48, Deutsche Bundesbank.
  42. Mohammed Dore & Roelof Makken & Erik Eastman, 2013. "The Monetary Transmission Mechanism, Non-residential Fixed Investment and Housing," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 41(3), pages 215-224, September.
  43. Ewa Wrobel & Tomasz Lyziak & Jan Przystupa, 2008. "Monetary Policy Transmission in Poland: a Study of the Importance of Interest Rate and Credit Channels," SUERF Studies, SUERF - The European Money and Finance Forum, number 2008/1 edited by Morten Balling, May.
  44. Tomoko AIZAWA-Tanemura & Shin-Ichi Nishiyama, 2022. "The Effects of Firm and Bank Balance Sheet Conditions to Net Interest Margins: Evidence from Loan-level Firm Survey Data," Discussion Papers 2215, Graduate School of Economics, Kobe University.
  45. repec:ebl:ecbull:v:15:y:2005:i:5:p:1-10 is not listed on IDEAS
  46. Hsing Yu, 2012. "Impacts of the Exchange Rate and the Global Interest Rate on Real Output for Ten Selected Latin American Countries," Global Economy Journal, De Gruyter, vol. 12(1), pages 1-18, March.
  47. Werner, Richard A., 2012. "Towards a new research programme on ‘banking and the economy’ — Implications of the Quantity Theory of Credit for the prevention and resolution of banking and debt crises," International Review of Financial Analysis, Elsevier, vol. 25(C), pages 1-17.
  48. Padha, Vimarsh & Chaubal, Aditi, 2024. "Impact of global liquidity on Indian financial markets and monetary policy outcomes: An ARDL approach," Journal of Asian Economics, Elsevier, vol. 90(C).
  49. Mr. Mark R. Stone & Mr. Etienne B Yehoue & Kotaro Ishi, 2009. "Unconventional Central Bank Measures for Emerging Economies," IMF Working Papers 2009/226, International Monetary Fund.
  50. Mehmet BÖLÜKBAÞ, 2016. "The Effects of Economic Policies in Turkey: An Application for the Period After 2000," Journal of Social and Administrative Sciences, KSP Journals, vol. 3(4), pages 315-322, December.
  51. Paul E. Orzechowski, 2017. "Bank capital, loan activity, and monetary policy: evidence from the FDIC’s Historical Statistics on Banking," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(2), pages 392-407, April.
  52. Mai, Nhat Chi, 2016. "Monetary policies and the macroeconomic performance of Vietnam," OSF Preprints akzy4, Center for Open Science.
  53. Alexander Lubis & Rangga Pratama & Merlin Dwi Yunaniar & Wahyu Agung Nugroho & Dian Prima Susiandri, 2025. "Exit Policy, Liquidity Normalization, and lts Implications on Central Bank Policy Transmission," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 28(1), pages 85-116, April.
  54. Sophocles N. Brissimis & Michalis‐Panayiotis Papafilis, 2025. "The Credit Channel of Monetary Transmission in the US: Is It a Bank Lending Channel, a Balance Sheet Channel or Both or Neither?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(4), pages 3521-3534, October.
  55. Birendra Bahadur Budha, 2015. "Monetary Policy Transmission in Nepal," NRB Working Paper 29/2015, Nepal Rastra Bank, Research Department.
  56. Chauvet, Marcelle & Tierney, Heather L. R., 2007. "Real Time Changes in Monetary Policy," MPRA Paper 16199, University Library of Munich, Germany, revised Apr 2009.
  57. Paul E. Orzechowski, 2019. "The bank capital channel and bank profits," Review of Financial Economics, John Wiley & Sons, vol. 37(3), pages 372-388, July.
  58. Ryan R. Brady, 2006. "Credit Cards and Monetary Policy: Are Households still liquidity-constrained?," Departmental Working Papers 12, United States Naval Academy Department of Economics.
  59. Menelik Geremew, 2017. "How the Wealth and Credit Channels in Monetary Transmission Affect Consumer Durables and Housing: A Dynamic Stochastic General Equilibrium Approach," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 43(3), pages 406-425, June.
  60. Anwar, Sajid & Nguyen, Lan Phi, 2018. "Channels of monetary policy transmission in Vietnam," Journal of Policy Modeling, Elsevier, vol. 40(4), pages 709-729.
  61. Paul E. Orzechowski, 2017. "Bank profits, loan activity, and monetary policy: evidence from the FDIC's Historical Statistics on Banking," Review of Financial Economics, John Wiley & Sons, vol. 33(1), pages 55-63, April.
  62. Uluc Aysun & Ryan Brady & Adam Honig, 2011. "Financial Frictions and the Credit Channel of Monetary Transmission," Working Papers 2011-03, University of Central Florida, Department of Economics.
  63. Olajide O. Oyadeyi, 2024. "Financial Development, Monetary Policy, and the Monetary Transmission Mechanism—An Asymmetric ARDL Analysis," Economies, MDPI, vol. 12(8), pages 1-27, July.
  64. Yu Hsing, 2005. "Effects of Macroeconomic Policies and Stock Market Performance on the Estonian Economy," Prague Economic Papers, Prague University of Economics and Business, vol. 2005(2), pages 109-116.
  65. Yu Hsing & Wen-Jen Hsieh, 2004. "Impacts of Monetary, Fiscal and Exchange Rate Policies on Output in China: A Var Approach," Economic Change and Restructuring, Springer, vol. 37(2), pages 125-139, June.
  66. Adam Brzezinski & Yao Chen & Nuno Palma & Felix Ward, 2024. "The Vagaries of the Sea: Evidence on the Real Effects of Money from Maritime Disasters in the Spanish Empire," The Review of Economics and Statistics, MIT Press, vol. 106(5), pages 1220-1235, September.
  67. Yu Hsing, 2006. "Analysis of Output Fluctuations in Taiwan: An Application of the IS–MP–AS Model," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 12(2), pages 203-211, May.
  68. Jean Boivin & Marc P. Giannoni, 2006. "Has Monetary Policy Become More Effective?," The Review of Economics and Statistics, MIT Press, vol. 88(3), pages 445-462, August.
  69. Liu, Yuelin & Morley, James, 2014. "Structural evolution of the postwar U.S. economy," Journal of Economic Dynamics and Control, Elsevier, vol. 42(C), pages 50-68.
  70. Muhanji, Stella & Malikane, Christopher & Ojah, Kalu, 2013. "Price and liquidity puzzles of a monetary shock: Evidence from indebted African economies," Economic Modelling, Elsevier, vol. 33(C), pages 620-630.
  71. Rex A McKenzie, 2015. "Monetary transmission in Africa: a review of official sources," Economics Discussion Papers 2015-7, School of Economics, Kingston University London.
  72. Belke, Ansgar & Wiedmann, Marcel, 2013. "Monetary Policy, Stock Prices and Central Banks - Cross-Country Comparisons of Cointegrated VAR Models," Ruhr Economic Papers 435, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
  73. Lukáš Kučera, 2016. "Transmission Channels of Monetary Policy: A Broader View [Transmisní kanály měnové politiky: širší pohled]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2016(4), pages 59-70.
  74. Lombardi, Domenico & Siklos, Pierre L. & Xie, Xiangyou, 2018. "Monetary policy transmission in systemically important economies and China’s impact," Journal of Asian Economics, Elsevier, vol. 59(C), pages 61-79.
  75. Yuhsing, 2006. "Macroeconomic policies and output fluctuations in slovakia: Application of the taylor rule," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 53(2), pages 249-259, June.
  76. Gerard Caprio, 2011. "Safe and Sound Banking: A Role for Countercyclical Regulatory Requirements?," Chapters, in: Sylvester Eijffinger & Donato Masciandaro (ed.), Handbook of Central Banking, Financial Regulation and Supervision, chapter 14, Edward Elgar Publishing.
  77. Nana Kwame Akosah & Imhotep Paul Alagidede & Eric Schaling, 2021. "Dynamics of Money Market Interest Rates in Ghana: Time‐Frequency Analysis of Volatility Spillovers," South African Journal of Economics, Economic Society of South Africa, vol. 89(4), pages 555-589, December.
  78. repec:ebl:ecbull:v:15:y:2005:i:6:p:1-9 is not listed on IDEAS
  79. Rodrigo Alfaro & Carlos García & Alejandro Jara & Helmut Franken, 2005. "The bank lending channel in Chile," BIS Papers chapters, in: Bank for International Settlements (ed.), Investigating the relationship between the financial and real economy, volume 22, pages 128-45, Bank for International Settlements.
  80. International Monetary Fund, 2008. "Is Monetary Policy Effective When Credit is Low?," IMF Working Papers 2008/288, International Monetary Fund.
  81. Drescher, Christian & Herz, Bernhard, 2010. "Measuring Monetary Conditions in US Asset Markets - A Market Specific Approach," MPRA Paper 27384, University Library of Munich, Germany.
  82. Junankar, Pramod N. (Raja), 2019. "Monetary Policy, Growth and Employment in Developing Areas: A Review of the Literature," IZA Discussion Papers 12197, IZA Network @ LISER.
  83. Ansgar Belke & Marcel Wiedmann, 2013. "Money, Stock Prices and Central Banks – Cross-Country Comparisons of Cointegrated VAR Models," ROME Working Papers 201308, ROME Network.
  84. Orzechowski, Paul E., 2017. "Bank profits, loan activity, and monetary policy: evidence from the FDIC's Historical Statistics on Banking," Review of Financial Economics, Elsevier, vol. 33(C), pages 55-63.
  85. Monica-Ionelia Mărgărit, 2019. "Considerations Regarding The Concept Of Monetary Policy," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(47), pages 71-78, November.
  86. Manamani SAHOO, 2017. "Financial conditions index (FCI), inflation and growth: Some evidence," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(612), A), pages 147-172, Autumn.
  87. repec:dau:papers:123456789/1483 is not listed on IDEAS
  88. Jose Ripoll, 2003. "National Appointments to Multinational Monetary Policy Making: A Role Conflict?," Macroeconomics 0301009, University Library of Munich, Germany.
  89. Lyonnet, Victor & Werner, Richard, 2012. "Lessons from the Bank of England on ‘quantitative easing’ and other ‘unconventional’ monetary policies," International Review of Financial Analysis, Elsevier, vol. 25(C), pages 94-105.
  90. Tan, Anthony C.K. & Goh, Kim-Leng, 2009. "Financial Disintermediation in the 1990s : Implications on Monetary Policy in Malaysia," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 50(1), pages 1-27, June.
  91. Muhammad Ali Rizwan & Muhammad Zeeshan Younas & Hafiza Sadaf Zahra & Zartaj Jamil, 2020. "External Monetary Constraints Imposed by Developed Economies on Developing Economies: Empirical Evidence from Pakistan," Asian Development Policy Review, Asian Economic and Social Society, vol. 8(1), pages 7-29, March.
  92. Hudec Martin, 2018. "A Search for an Optimum Currency Area," Studia Commercialia Bratislavensia, Sciendo, vol. 11(39), pages 75-90, June.
  93. Hsing, Y., 2004. "Responses of Argentine Output to Shocks to Monetary Policy, Fiscal Policy and Exchange Rates: A VAR Model," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 4(1).
  94. Lee, Kang-Soek & Werner, Richard A., 2018. "Reconsidering Monetary Policy: An Empirical Examination of the Relationship Between Interest Rates and Nominal GDP Growth in the U.S., U.K., Germany and Japan," Ecological Economics, Elsevier, vol. 146(C), pages 26-34.
  95. Ikechukwu Kelikume, 2014. "Interest Rate Chanel of Monetary Transmission Mechanism: Evidence from Nigeria," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 8(4), pages 97-107.
  96. Lu, You-Xun & Chen, Shi-kuan & Lai, Ching-chong, 2022. "Monetary Policy and Economic Growth in a Schumpeterian Model with Incumbents and Entrants," MPRA Paper 112177, University Library of Munich, Germany.
  97. Yu Hsing, 2006. "Analysis of Short-term Exchange Rate Movements in Korea: Application of an Extended Mundell-Fleming Model," Global Economic Review, Taylor & Francis Journals, vol. 35(2), pages 145-151.
  98. Philip Arestis & Malcolm Sawyer, 2002. "Can Monetary Policy Affect The Real Economy?," Economics Working Paper Archive wp_355, Levy Economics Institute.
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