17  For further discussion of this issue, see Connolly E, F Fleming and J Jääskelä (2012), ‘Households’s Interestbearing Assets‘, RBA Bulletin, December, pp 23’32. BIS central bankers’ speeches  7  In short, monetary policy is working. The transmission mechanism may have changed in some respects, and this could help to explain lower-than-expected growth of consumption and debt of late.
Y V Reddy: Financial sector policies for growth and employment Speech by Dr Y V Reddy, Governor of the Reserve Bank of India, at the Annual International Seminar 2007, Bali, 8 November 2007.