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Econometric assesment of the effectiveness of monetary policy rate on price stability

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cris.sourceIdoai:irek.ase.md:1234567890/1321
dc.creatorHinev, Olga
dc.creatorCociug, Victoria
dc.date2021-04-21T08:50:51Z
dc.date2021-04-21T08:50:51Z
dc.date2021
dc.date.accessioned2023-11-13T10:23:01Z
dc.date.available2023-11-13T10:23:01Z
dc.descriptionHINEV, Olga, COCIUG, Victoria. Econometric assesment of the effectiveness of monetary policy rate on price stability. In: Development Through Research and Innovation-2020 [online]: The 1st International Scientific Conference: Online Conference for Reserachers, PhD and Post-Doctoral Students, August 28th, 2020, Chişinău: Conference Proceedings. Chişinău, ASEM, 2021, pp. 55-62. ISBN 978-9975-155-03-8.
dc.descriptionThe purpose of this research is to investigate theoretically and empirically the effectiveness of the monetary policy rate in the mechanism of transmitting monetary impulses to the real economy. The decision-making factor associated with the level of the monetary policy rate and the appropriate time of application of this instrument is the basis for an optimal monetary policy from the perspective of ensuring and maintaining price stability. The methodological and empirical aspect is based on the estimation of an error correction model (VECM) by applying the Johansen cointegration test in order to determining the presence of cointegration relationship. The model and the variables included in the model, such as economic growth, inflation and monetary policy rate were associated with the Republic of Moldova. The results of the research highlight the validity of the generated model, and the results of the Johansen cointegration test indicate the presence of long-term cointegrated relationships between variables. Thus suggesting that the NBM base rate is the significant monetary policy instrument applied by the National Bank of Moldova with repercussions on the evolution of the inflationary process, highlighting the persistence of the interest rate channel in reaching the inflation target. JEL: C52; E31; E43; E52.
dc.formatapplication/pdf
dc.identifier978-9975-155-03-8
dc.identifierhttp://irek.ase.md:80/xmlui/handle/1234567890/1321
dc.identifier.urihttps://cris.ase.md/handle/123456789/3418
dc.languageen
dc.publisherASEM
dc.subjectcentral bank
dc.subjectinflation
dc.subjectmonetary policy rate
dc.subjectVECM model
dc.titleEconometric assesment of the effectiveness of monetary policy rate on price stability
dc.typeArticle
dspace.entity.typePublication
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