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

Author

Listed:
  • Vasile COCRIŞ

    (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.

Suggested Citation

  • Vasile COCRIŞ & Anca Elena NUCU, 2013. "Interest rate channel in Romania: assessing the effectiveness transmission of monetary policy impulses to inflation and economic growth," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(579)), pages 37-50, February.
    • Handle: RePEc:agr:journl:v:xx:y:2013:i:2(579):p:37-50
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    Citations

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    Cited by:

    1. Spulbăr Cristi & Niţoi Mihai, 2013. "Monetary Policy Transmission Mechanism in Romania Over the Period 2001 to 2012: A Bvar Analysis," Scientific Annals of Economics and Business, Sciendo, vol. 60(2), pages 1-12, December.
    2. Saif Ullah & Atta Ullah & Mubasher Zaman, 2024. "Nexus of governance, macroeconomic conditions, and financial stability of banks: a comparison of developed and emerging countries," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-38, December.
    3. Lan Nguyen, Thi Mai & Papyrakis, Elissaios & van Bergeijk, Peter A.G., 2021. "Publication bias in the price effects of monetary policy: A meta-regression analysis for emerging and developing economies," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 567-583.
    4. Constatin MITRUȚ & Mihaela GRUIESCU & Roxana Cristina VÎLCU, 2017. "Modeling the Causes of Inflation in Romania," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 51(3), pages 21-38.
    5. Thi Mai Lan Nguyen, 2020. "Output Effects of Monetary Policy in Emerging and Developing Countries: Evidence from a Meta-Analysis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(1), pages 68-85, January.
    6. Saif Ullah & Sayed Irshad Hussain & Agha Amad Nabi & Khurram Ali Mubashir, 2022. "Role of Regulatory Governance in Financial Stability: A Comparison of High and Low Income Countries," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 11(1), pages 207-226.

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