Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/83596
Authors: 
MacDonald, Ronald
Égert, Balázs
Year of Publication: 
2006
Series/Report no.: 
MNB Working Papers 2006/5
Abstract: 
This paper surveys recent advances in the monetary transmission mechanism (MTM). In particular, while laying out the functioning of the separate channels in the MTM, special attention is paid to exploring possible interrelations between different channels through which they may amplify or attenuate each others’ impact on prices and the real economy. We take stock of the empirical findings especially as they relate to countries in Central and Eastern Europe, and compare them to results reported for industrialised countries, especially for the euro area. We highlight potential pitfalls in the literature and assess the relative importance and potential development of the different channels.
Subjects: 
monetary transmission
transition
Central and Eastern Europe
credit channel
interest rate channel
interestrate pass-through
exchange rate channel
exchange rate pass-through
asset price channel
JEL: 
E31
E51
E58
F31
O11
P20
Document Type: 
Working Paper

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