3  Please see, Mohanty, Deepak (2012), “Evidence of Interest Rate Channel of Monetary Policy Transmission in India”, RBI Working Paper Series WPS (DEPR): 6 / 2012, May and Michael Debabrata Patra and Muneesh Kapur (2010), “A Monetary Policy Model Without Money for India”, IMF Working Paper WP/10/183.
4  BIS central bankers’ speeches  Table 2 Transmission to the money market rates was much faster than to lending rates  Nominal or real interest rate? Another aspect of monetary transmission is whether it is the nominal interest rate or the real interest rate that can influence growth and investment.