The Monetary Transmission Mechanism: An Empirical Framework
概述了货币传导机制，描述货币政策变化如何通过长期利率和汇率等金融市场价格影响实际GDP，并纳入理性预期和政策规则，实证拟合良好。
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.