2005•Journal of Northwest UniversityRequires access

A Review of the Monetary Policy Transmission Mechanism and the Effectiveness of Monetary Policy

Guangyou Zhou

Abstract

The first part of this paper is literature review,on which the transmission mechanism of monetary policy in western countries is based.And then,the author sorts,induces and criticizes the representative theoretical opinions about transmission mechanism in contemporary China,so it is very natural to conclude that: The credit channel will be replaced by the monetary channel in the future monetary policy.The key reason that constrains the effects of transmission is the imperfect environment and conditions related to transmission processes of monetary policy.The effectiveness of transmission mechanism varies significantly in different areas.

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Key concepts: Mechanism (biology), Monetary policy, Imperfect, Economics, Monetary transmission mechanism, Credit channel, Transmission (telecommunications), Channel (broadcasting)