Studies on Money and Monetary Policy
A STRUCTURAL APPROACH TO THE IMPACT OF MONETARY POLICY
This paper is based upon a part of the author's doctoral dissertation at the Massachusetts Institute of Technology. He wishes to express his gratitude to Professor Albert Ando for guidance and advice, and to Professors Franco Modigliani, Robert Solow, E. Cary Brown and Ralph E. Beals for helpful comments, without implicating them in the responsibility for remaining errors. The Ford Foundation provided financial support through their doctoral dissertation fellowship program for which the author is grateful.