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
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.
Contents
Has accession to the EU affected business cycles?
The effect of the Romanian pension market concentration on the magnitude of pension revenues
Interest rate channel in Romania: assessing the effectiveness transmission of monetary policy impulses to inflation and economic growth
Romania's road to Euro zone. From structural balance to structural balance corrected for absorption
ARDL investment model of Tunisia
A review of the economic crisis: solutions and failures in the European Union
Macroprudential policy and financial stability
Public policies targeting labour market rigidities
National policy measures. Right approach to foreign direct investment flows
Influence of the prudential supervision over the capitalization of the Romanian insurance market
Social inequalities and poverty in current Romania
Conceptual aspects regarding balneotherapy tourism marketing in Romania
East-European stock exchanges in the context of financial crisis