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Nbr Monetary Policy Interest Rate: Determinants And Optimum Level

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  • Gabriel Bistriceanu

    (Academy of Economic Studies, Bucharest)

Abstract

In this paper, we analised the possibility to establish the optimum level of NBR monetary policy interest rate. We specified the economic determinants of the monetary policy interest rate, and then we realised an empiric estimation of the NBR reaction function. There are some economic indicators (speculative capital inflows, for example) for wich it is difficult to make an empirical analysis. Other central bank interest rate determinants may be used as exogenous variables to estimate a central bank interest rate equation. The result of our empiric analysis is that NBR monetary policy rate is a function having the following arguments: inflation target +3.5 percentage points and 1.3*GDP gap.

Suggested Citation

  • Gabriel Bistriceanu, 2008. "Nbr Monetary Policy Interest Rate: Determinants And Optimum Level," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 11(11(528)(s), pages 268-275, November.
    • Handle: RePEc:agr:journl:v:11(528)(supplement):y:2008:i:11(528)(supplement):p:268-275
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