在常规货币政策时代，传导渠道主要局限于借贷成本以及相应的对实体经济的信用敏感部门（如房屋建设、汽车和商业资本支出）的影响。
In the era of conventional monetary policy, transmission channels were largely confined to borrowing costs and their associated impacts on credit-sensitive sectors of real economies, such as homebuilding, motor vehicles, and business capital spending.