Coricelli, Fabrizio; Égert, Balázs; MacDonald, Ronald - 2006
,transition,CentralandEasternEurope,credit
channel, interest rate channel, interest-rate pass-through, exchange rate channel, ex-
change rate pass-through, asset price … real data. The most traditional
explanation for the link is the interest rate channel developed in textbook IS-LM models …. How-
ever, the early observation that the interest rate channel cannot neatly explain output uctuations
has given birth …