02046cas a2200241 a 4500 AALejournalIMF010539 230101c9999 xx r poo 0 0eng d 15.00 USD 9781451956337 1020-7635 BD-DhAAL BD-DhAAL International Monetary Fund. Research Dept. IMF Staff papers : Volume 19 No. 1. Washington, D.C. : International Monetary Fund, 1972. 1 online resource (274 pages) IMF Staff Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper focuses on current issues on the transmission process of monetary policy. The main process by which monetary forces influence the real economy in Keynesian income/expenditure models is through the cost-of-capital channel. In addition to the cost-of-capital channel, post-Keynesians also recognized two other channels, namely, the wealth effect on consumption expenditure and the credit rationing linkage between the financial and real sectors. One of the most significant post-Keynesian developments has been the emphasis on net private wealth as well as income as a factor influencing real flows of expenditures. The flow of services of outside money is the saving of time in barter transactions, which stems from the role of money as a medium of exchange. The saving of time may be used either for leisure or to produce capital goods. A fundamental and basic development in monetary theory subsequent to Keynes' liquidity preference theory has been the capital theoretic formulation of the demand for money. Mode of access: Internet IMF Staff Papers; IMF Staff Papers ; No. 1972/001 Full text available on IMF http://elibrary.imf.org/view/journals/024/1972/001/024.1972.issue-001-en.xml IMF e-Library