Comparing Monetary Policy Rules in the Romanian Economy: A New Keynesian Approach

A New Keynesian model of open economy is estimated and discussed in the case of Romania. The model is estimated using quarterly data on a post-2000 sample. The paper focuses on the monetary policy analysis and compares several specifications for the monetary policy within the Bayesian framework. The issue whether the National Bank reacts to the exchange rate is also discussed.

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Year of publication:	2011
Authors:	Caraiani, Petre
Published in:	Journal for Economic Forecasting. - Institutul de Prognoza Economica. - 2011, 4, p. 30-46
Publisher:	Institutul de Prognoza Economica
Subject:	New Keynesian models \| small open economy \| monetary policy \| Taylor rules \| Bayesian methods

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Type of publication:	Article
Classification:	C11 - Bayesian Analysis ; E32 - Business Fluctuations; Cycles ; E52 - Monetary Policy (Targets, Instruments, and Effects)
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010533971