Monetary Policy Transmission Mechanisms

S. Kurgansky
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Abstract

Policy-makers must be able to accurately assess the effects of their policies on the economy, especially in the period of economic instability. To do this, they need to study the mechanisms through which monetary policy affect the economic activity. The article examined theoretical approaches and ways (or channels), in which monetary policy effect aggregate demand and other economic indicators. The article showed that efficiency of the transmission mechanism and its channels are determined by the state-of-the-art of the financial system. In Russia the following channels play a significant role: interest-rate, exchange rate, bank lending channel and inflation expectation channels.
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货币政策传导机制
决策者必须能够准确地评估其政策对经济的影响,特别是在经济不稳定时期。为此,他们需要研究货币政策影响经济活动的机制。本文考察了货币政策影响总需求和其他经济指标的理论方法和途径(或渠道)。研究表明,传导机制和传导渠道的效率是由金融体系的发展水平决定的。在俄罗斯,利率渠道、汇率渠道、银行贷款渠道和通胀预期渠道发挥着重要作用。
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