Abstract
The aim of this study is to investigate impacts of monetary policy transmission mechanisms on production and prices in theoritical way and to test functioning of monetary transmission channels in Azerbaijan economy. In this article, vector error correction model (VECM) is employed for short and long run relationships in the period of 2001:4-2014:3. Results reveal that, both interest and credit channels are important, with a bit precedence of credit channel in comparison for Azerbaijan economy.
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