NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Channels of Monetary Transmission: Lessons for Monetary Policy

Frederic S. Mishkin

NBER Working Paper No. 5464 (Also Reprint No. r2054)
Issued in February 1996
NBER Program(s):Economic Fluctuations and Growth, Monetary Economics

This paper provides an overview of the transmission mechanisms of monetary policy, starting with traditional interest rate channels, going on to channels operating through other asset prices, and then on to the so-called credit channels. The paper then discusses the implications from this literature for how central banks might best conduct monetary policy.

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Document Object Identifier (DOI): 10.3386/w5464

Published: Banque de France: Bulletin: Digest, no. 27, pp. 33-44, March 1996

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