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An Analysis On The Monetary Policy Interest Rate Channel In The Transmission Of The Monetary Impulse

Author

Listed:
  • Glod, Alina Georgeta

    (Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

  • Mosneanu, Elena Ana

    (Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

  • Balasescu, Florin

    (Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

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.

Suggested Citation

  • Glod, Alina Georgeta & Mosneanu, Elena Ana & Balasescu, Florin, 2009. "An Analysis On The Monetary Policy Interest Rate Channel In The Transmission Of The Monetary Impulse," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 13(4), pages 188-199.
    • Handle: RePEc:vls:finstu:v:13:y:2009:i:4:p:188-199
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    More about this item

    Keywords

    NBR; monetary policy; elasticiy; monetary impulse;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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