The work first aims to show that the Modigliani-Miller theorem can not constitute the theoretical foundation of traditional analysis. It then analyses the consequences of the presence of imperfect information on the characteristics of the transmission mechanism of monetary policy. It is observed that the dependence on commercial bank credit is not a sufficient condition for operating a transmission mechanism based on the control of the amount of credit that is different from the traditional mechanism. If the banking system could isolate the supply of credit through central bank decisions, the effects of monetary policy would be transmitted through interest rates, as established traditional analysis. The author shows that the characteristics of the transmission mechanism of monetary policy do not depend only on the presence of imperfect information, but also on the assumptions regarding the determination of the supply of credit.

JEL Codes: E52, G14