Theoretical and Applied Economics
No. 2 / 2013 (579)
Interest rate channel in Romania: assessing the effectiveness transmission of monetary policy impulses to inflation and economic growth
Vasile COCRIŞ
Alexandru Ioan Cuza University of Iaşi
Anca Elena NUCU
Alexandru Ioan Cuza University of Iaşi
Alexandru Ioan Cuza University of Iaşi
Anca Elena NUCU
Alexandru Ioan Cuza University of Iaşi
Abstract. The purpose of our paper is to evaluate the effectiveness of monetary policy transmission mechanism in Romania, via interest rate channel. Using a Vector Error Correction Model and impulse response analysis, we study the impact of a positive monetary policy shock via short term interest rate on macroeconomic variables over the period 2003M01-2012M06. Our empirical results are in line with economic theory and we can say that we are witnessing to an improvement in the transmission effectiveness of monetary policy impulses via interest rate channel.
Keywords: monetary policy; interest rate; vector error correction model; Romania; financial stability.
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Contents
Marin Dinu
- Has accession to the EU
affected business cycles?
Panagiotis EVANGELOPOULOS
Dimitrios DAPONTAS
- The effect of the Romanian pension market
concentration on the magnitude of pension revenues
Vasile ROBU
Irina Daniela CIŞMAŞU
Maria Iuliana SANDU
- Interest rate channel in Romania: assessing
the effectiveness transmission of monetary policy
impulses to inflation and economic growth
Vasile COCRIŞ
Anca Elena NUCU
- Romania's road to Euro zone.
From structural balance to structural balance
corrected for absorption
Aura-Gabriela SOCOL
- ARDL investment model of Tunisia
Abdulbaset M. HAMUDA
Veronika ŠULIKOVÁ
Vladimír GAZDA
Denis HORVÁTH
- A review of the economic crisis:
solutions and failures in the European Union
Marius-Cristian PANĂ
- Macroprudential policy and financial stability
Bogdan CHIRIACESCU
- Public policies targeting labour market rigidities
Andreea Claudia ŞERBAN
- National policy measures.
Right approach to foreign direct investment flows
Cătălin-Emilian HUIDUMAC-PETRESCU
Radu Marcel JOIA
- Influence of the prudential supervision
over the capitalization
of the Romanian insurance market
Laura Elly NAGHI
- Conceptual aspects regarding balneotherapy tourism
marketing in Romania
Aurelia-Felicia STĂNCIOIU
Codruța-Adina BĂLTESCU
Andreea BOTOȘ
Ion PÂRGARU
- East-European stock exchanges
in the context of financial crisis
Cătălina Claudia SAVA
