Abstract. Questions of interest among monetary policy makers involves the identification and analysis of various relationships between macroeconomic variables. To analyze these variables and their interrelations it is necessary to build a macroeconomic model which is based on a vector autoregressive, and in which exogenous shocks have impact on the study variables. How exogenous variables affect the variables of interest represent the transmission mechanisms. Estimates of the transmission mechanism has been considered traditionally, one of the major objectives of many macroeconomic studies. Such empirical researchers have obtained two major conclusions: first, that the transmission mechanism varies over time and the second is that the exogenous shocks change over time. Modeling these variables can intercept all these variations? The conclusions of these models are sufficient for monetary policy makers?

Keywords: monetary policy; transmission mechanism; algorithmic elements.