39In relation to New Zealand monetary policy, the most direct transmission channels between changes in the Official Cash Rate and its influence on the inflation rate are likely to be:

Select one:

a. Wholesale interest rates, credit rationing and domestic demand.

b. Wholesale interest rates, asset prices, domestic demand and prices of non-traded goods.

c. Exchange rates, demand for exports and imports, real economic activity, unemployment and unit labour costs.

d. Exchange rates and prices of traded goods and services.

e. Inflation expectation, wage rates, unit labour costs and prices of non-traded goods.