When expectations are «stable» — when the financial system is «stable» — the monetary transmission mechanism works relatively smoothly. (progressive-economics.ca)
In this regard, the exchange rate serves as both an automatic buffer for internal and external shocks and as an integral part of the monetary policy transmission mechanism. (bankofcanada.ca)
At the same time, the main transmission mechanism for monetary policy, the housing market, is showing renewed signs of life. (fortune.com)