The study looked at how changes in monetary policy affect how much money banks lend in Zambia. They found that big banks are most affected by these changes, while medium-sized banks are somewhat affected, and small banks are not really affected at all. The type of signals banks get about interest rates matters more than the amount of money in circulation. This suggests that the central bank's decision to focus on interest rates instead of money amounts is a good idea. The study also shows that the impact of monetary policy on the economy depends on how it affects the reserves of big banks.