This paper studies the importance of the dynamic inconsistency of monetary policy. The paper is organized as follows: in the first part the concept of dynamic inconsistency is explained; the next sections analyse the the rules versus discretion dilemma and some solutions to counteract the dynamic...

As a result of joining the global trend of the monetary policy modernization, Romania has adopted the inflation targeting strategy in August 2005. Although the implementation conditions have been prepared in advance on the background of a medium-term disinflation process, the National Bank of...

This paper uses statistical matching techniques to assess tax compliance and underreporting of labor income in Romania, overall and for different population groups, including among minimum wage workers, to understand the distributional implications and its links with minimum wage policy and...