This paper does not explicitly model all of the various channels of monetary policy referred to above but the effect of a change in monetary policy on activity and inflation can loosely be interpreted as the operation of all of the relevant channels on these variables.
5  For example, see Dungey M and A Pagan (2000), ‘A Structural VAR Model of the Australian Economy’, Economic Record, 76(235), pp 321–342; Berkelmans L (2005), ‘Credit and Monetary Policy: An Australian SVAR’, RBA Research Discussion Paper No 2005–06; Bjørnland H (2009), ‘Monetary Policy and Exchange Rate Overshooting: Dornbusch Was Right After All’, Journal of International Economics, 79(1), pp 64–77; and Jääskelä J and K Nimark (2011), ‘A Medium-scale New Keynesian Open Economy Model of Australia’, Economic Record, 87(276), pp 11–36.