he purpose of this paper is to present a simple framework for analyzing the monetary transmission mechanism: the process through which monetary policy decisions are transmitted into changes in real GDP and inflation. There are, of course, many different views of the monetary transmission mechanism. These views differ in the emphasis they place on money, credit, interest rates, exchange rates, a...

Parasal aktarım mekanizması, merkez bankaları tarafından uygulanan para politikasının üretim düzeyi ve enflasyonu hangi kanallarla ne boyutta etkilediğini göstermektedir. Temelde, geleneksel faiz oranı kanalı ile işleyen zaman içinde döviz kuru, kredi, varlık fiyatları beklentiler kanallarının da dâhil edildiği parasal anlaşılması oldukça güç karmaşık bir yapıdır. Merkez etkin uygulanabilmesi b...

Abstract Standard (S, s) models of lumpy investment allow us to match many aspects the micro data, but it is well known that implied interest rate sensitivity unrealistically large. In fact, micro-level lumpiness in puts empirical discipline on modeling decisions, and this makes hard explain monetary policy transmission mechanism.

It is obvious that an optimal policy should consider main dimensions of the phenomenon that can affect the transmission mechanism of that policy. In an open economy, it is expected that variables of the foreign sector play important role in its economic behavior. Therefore, it needs that any optimal policy in an open economy to design in such a way which involves changes in the foreign sector. ...