It is a finding supported by evidence from different countries, from different monetary regimes, and is based on alternative empirical methodologies. Milton Friedman used perhaps the simplest methodology to suggest that the transmission lags of monetary policy are significant. In a paper published in 1972, he considered correlations between changes in monetary aggregates and changes in industrial production and in consumer prices indexes.
BIS Review 124/1999  2  Most of the loans - more than 90% - are issued to the private sector. A gradual shift towards medium- and long-term lending normally associated with lending to the productive sector of the economy has been ongoing and currently accounts for 63% of total loans.