Expectations Money Market Interest Rates Money Credit Supply and

Official Interest Rates
Shocks outside the control of
the central bank
Money Market Interest Rates
Expectations
Changes in risk Premia
Changes in Bank Capital
Money Credit
Asset Prices
Bank Rates
Exchange Rates
Changes in Commodity Prices
Wage and price setting
Supply and Demand good and
Labour markets
Domestic Prices
Import Prices
Price Developments
Changes in Fiscal Policy
Changes in the Global
Economy