An Empirical Investigation of the Impact of Monetary Policy on Economic Growth in Zambia

Purpose: The aim of this study was to investigate the impact monetary policy on real sector and assess effectiveness various transmission channels in Zambia Methodology: Johansen cointegration approach, Error Correction Model (ECM), Granger causality test were undertaken achieve objectives Findings: results reveal that economic growth proxied by Gross Domestic Product (GDP) is negatively affected lending rates, inflation, an increase private credit, while exchange rate deposit rates found have a positive other hand. These confirm presence credit Zambia. Originality/Value: contributes theoretical empirical literature sector. Further, provides, through study, Therefore, part studies Central Bank academic institutions research think tanks can make reference during further practice.