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Impact of monetary policy upon economic growth”

Author: Veronica Cuhal
Degree:doctor of economics
Speciality: 08.00.10 - Finance; Monetary Economics; Credit
Scientific adviser: Anatol Caraganciu
doctor habilitat, professor, Academy of Economic Studies of Moldova
Scientific council:


The thesis was presented on the 20 April, 2007
Approved by NCAA on the 14 June, 2007


Adobe PDF document0.37 Mb / in romanian


CZU 336 (043.3)

Adobe PDF document 0.89 Mb / in romanian
162 pages


money aggregates, inflationary expectations channel, credit channel, exchange rate channel, other assets price channel, interest rate channel, refinance credit, overnight credit, economic growth, purchase/sale of currency, exchange rate, lombard facility, inflation, monetary policy instruments, transmission mechanism of monetary policy, model of simulation, monetary model, final goal of monetary policy, intermediary goal of monetary policy, operational goal of monetary policy, open market operations, sterilization operations, repo operations, monetary policy, gross domestic product, basis rate, interest rate, minimum reserves rate


The goal and objectives of the PhD thesis are determined by the need to identify and underline the interdependence that exists between monetary policy and economic growth from the point of view of the influence of the effects of monetary policy decisions and instruments upon the evolution of the economy and the achievement of expected values of macroeconomic variables.

Due to the fact that in any country economic growth represents a very important problem for government bodies and a priority in economic researches of economists from different times the research is important from both theoretical and empirical points of view.

An important attention is paid to monetary policy that needs to be based on a forecast of the future evolution of the economy and an estimate how the forecast outcome is likely to be affected by possible policy changes.

In order to achieve the proposed goals there has been extended the research of such fundamental concept as transmission mechanism of monetary policy, there were identified and analyzed its channels and there were evaluated the functionality and efficiency of this mechanism in many countries from Central and Eastern Europe.

Republic of Moldova, as well as other countries, includes as central bank objectives domestic (price stability) and external (exchange rate stability) perspectives. In this respect, a special attention is paid to the activity of the National Bank of Moldova that was oriented to elaborate and promote an efficient monetary policy, as well as to the optimal use of monetary instruments in order to create the necessary premises for a sustained economic growth.

Also in the paper is analyzed the influence and the effects of monetary policy decisions upon the evolution of major macroeconomic variables, as GDP, currency exchange rate and inflation in the Republic of Moldova.

Following these ideas in the thesis is proposed a scheme of the functional relations that exist between the decisions of monetary authorities and the the evolution of the Republic of Moldova economy.

Also, it is elaborated the monetary model aimed to simulate the effects of monetary policy upon the evolution of macroeconomic variables that may offer to the monetary authority the necessary information regarding the possible effects of different objectives and measures of monetary policy serving for the adoption of some decisions of best combination of the respective measures and objectives.

The formulated conclusions and recommendations determine the practical significance of the thesis, may be used in pratice in the decision taking process of monetary and economic authorities of the country and