Prasad, Ananthakrishnan; Espinoza, Raphael A. - International Monetary Fund (IMF) - 2012
policy has a strong and statistically significant impact on broad money, non-oil activity, and inflation in the GCC region … reducing their freedom to run an independent monetary policy. This paper shows, however, that the pass-through of policy rates … financial markets will increase interest rate pass-through and strengthen monetary policy transmission. …