The analysis of the monetary policy dynamics in Romania using a Structural Vector Autoregressive model

The present study aims at an econometric investigation oriented toward the estimation of the monetary policy dynamics in Romania, using a model based on the Autoregressive Structural Vector, imposing some restrictions on short term for knowing the response functions of the main macroeconomic variables at various economic shocks. Section I contains an argumentation of using the SVAR model. Sections 2 and 3 present the elaboration conditions of the SVAR model for the economy of Romania and the obtained results, and the last section comprises the conclusions.