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The Monetary Transmission Mechanism: Is It Relevant for Policy?

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Author Info
Bernardino Adão (Banco de Portugal,)
Isabel Correia (Banco de Portugal Universidade Católica Portuguesa, and CEPR)
Pedro Teles (Federal Reserve Bank of Chicago, Banco de Portugal, Universidade Católica Portuguesa, and CEPR)

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Abstract

We study environments with sticky prices, wages, or portfolios where it is feasible and optimal to use monetary policy to replicate the allocation under full flexibility. In these environments the optimal policy does not depend on the scope of the frictions. In this sense, the strength of the monetary transmission mechanism is irrelevant for the conduct of monetary policy. So, asymmetries in the strength of the transmission mechanisms do not impose a cost on a common policy. (JEL: E31, E41, E58, E62) Copyright (c) 2004 The European Economic Association.

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Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 2 (2004)
Issue (Month): 2-3 (04/05)
Pages: 310-319
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Handle: RePEc:tpr:jeurec:v:2:y:2004:i:2-3:p:310-319

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  1. Isabel Correia & Juan Pablo Nicolini & Pedro Teles, 2002. "Optimal fiscal and monetary policy: equivalence results," Working Paper Series WP-02-16, Federal Reserve Bank of Chicago. [Downloadable!]
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  2. Bernardino Adão & Isabel Correia & Pedro Teles, 2001. "Gaps and triangles," Working Paper Series WP-01-13, Federal Reserve Bank of Chicago. [Downloadable!]
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