AN ANALYSIS ON THE MONETARY POLICY INTEREST RATE CHANNEL IN THE TRANSMISSION OF THE MONETARY IMPULSE

Alina Georgeta Glod, Elena Ana Mosneanu and Florin Balasescu
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Alina Georgeta Glod: Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy
Elena Ana Mosneanu: Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy
Florin Balasescu: Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy
Authors registered in the RePEc Author Service: Alina Georgeta Ailincă ()

Studii Financiare (Financial Studies), 2009, vol. 13, issue 4, 188-199

Abstract: Performance criteria in terms of nominal convergence and alignment with the monetary policy of the European Central Bank (ECB), National Bank of Romania will need to use more effective monetary instruments at its disposal to achieve its fundamental objective of price stability, in this respect, being planned an annual inflation targeting of 3.5% ± 1 percentage point for 2009 and 2010. Thus, in this article we will examine how the interest rate channel works in the monetary policy impulse transmission: namely we calculate several intervals of margin and elasticity that will outline the impact of monetary policy interest rate on several inter banking market variables (short term analysis) as well as on some macroeconomic variables (including HICPs and the exchange rate RON/EUR and RON/USD). The present article is indented to develop future, more elaborate analysis.

Keywords: NBR; monetary policy; elasticiy; monetary impulse (search for similar items in EconPapers)
JEL-codes: E43 E44 E52 E58 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:vls:finstu:v:13:y:2009:i:4:p:188-199

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