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Journal of Economic Perspectives: Vol. 9 No. 4 (Fall 1995)
JEP Volume. 9, Issue 4 | 
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The Monetary Transmission Mechanism: An Empirical Framework
Article Citation
Taylor, John B. 1995. "The Monetary Transmission Mechanism: An Empirical Framework."
Journal of Economic Perspectives,
9(4): 11-26.
DOI: 10.1257/jep.9.4.11
DOI: 10.1257/jep.9.4.11
Abstract
This paper provides an overview of the monetary transmission mechanism describing the impact of changes in monetary policy on real GDP. Changes in financial market prices--including long-term interest rates and exchange rates--are the main vehicle for the transmission of policy. The framework incorporates rational expectations and policy rules. It is empirical and appears to fit the facts well.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Taylor, John B. (Center for Econ Policy Research, Stanford U)
JEL Classifications
E52: Monetary Policy
E43: Determination of Interest Rates; Term Structure of Interest Rates
E43: Determination of Interest Rates; Term Structure of Interest Rates
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