A new transmission model – research
A new International Monetary Fund (IMF) working paper develops a panel unobserved components model of the monetary-policy transmission mechanism.
The author Francis Vitek, notes that structural macroeconometrics increasingly informs the methods of monetary policy analysis and forecasting, observing that leading central banks have all developed refined models of the transmission mechanism. However, there is insufficient theoretical work that draws linkages within the real and financial sectors of
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