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The purpose of this paper is to present the framew ork for statistical analyzing the monetary transmission mechanism: the process through which monetary policy decisions are transmitted into chan ges in real GDP, and inflation; and to evaluate the transmission mechanism in the m onetary policy actions confronting it with the evidence in the literature that has been more concentrated in the use of the structural approach. Our results allowed the identification of long run relationships that produce new information on how to evaluate the real interest rate and the nominal interest rate links respectively with the output ga p and the nominal inflation derived from the IS and interest rule. We specify tallowing variables that represent the government fiscal effort to enter in the econometric model based on theoretical models. The statistical identification approach allowed the further identification of a long run relationship that migh t help to uncover how output gap is related with nominal variables and debt to GDP rParticular monetary transmission channels functions through the effects that monetary policy has on short and long term nominal interest rates, asset p rices, exchange rates, bank lending and firm balance sheets. Recent research on the transmission mechanism inve stigates to realize how these channels work, under the context of dynam ic, stochastic and general equilibrium models. Aggregate output and inflation, real variables, are impacted by the policy-induced modifications in the short an d long-term nominal interest rates.