Interest rate channel in Romania: assessing the effectiveness transmission of monetary policy impulses to inflation and economic growth

Autor:	Anca Elena NUCU, Vasile COCRIŞ
Rok vydání:	2013
Předmět:	lcsh:HB1-3840 financial stability monetary policy interest rate vector error correction model Romania lcsh:HB71-74 lcsh:Economic theory. Demography lcsh:Economics as a science lcsh:Business lcsh:HF5001-6182
Zdroj:	Theoretical and Applied Economics, Vol XX, Iss 2, Pp 37-50 (2013) Theoretical and Applied Economics, Vol 2(579), Iss 2(579), Pp 37-50 (2013)
Popis:	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.
Databáze:	OpenAIRE
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