DIFFERENT VIEWS OF INTEREST RATE CHANNEL OF MONETARY POLICY TRANSMISSION MECHANISM
Abstract
The purpose of this paper is to examine classical and modern views of the interest rate channel
of the monetary policy transmission mechanism to form the author’s approach. The following results are
found: firstly, according to classical approaches, the impact of the interest channel on the economy is
considered a priority through investment and aggregate demand. Secondly, modern researchers identify
that Central Bank’s key interest rate decision is made by taking into account changes in inflation,
output gap, changes in monetary conditions, and exchange rates. Thirdly, the author concludes that most
emerging countries as Uzbekistan face problems with high public debt, dollarization, and low domestic
savings, which negatively affect the working of interest rate channels of monetary policy transmission.
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