The Impact of Monetaru Policy on the Romanian Economy

Vasile Dedu () and Tiberiu Stoica ()
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Tiberiu Stoica: Bucharest Academy of Economic Studies

Journal for Economic Forecasting, 2014, issue 2, 71-86

Abstract: Most of the research papers revealing the monetary policy transmission mechanism in Romania focused on VAR, Structural VAR or Dynamic Stochastic General Equilibrium (DSGE) models. Our paper brings new empirical evidence regarding the impact of NBR’s monetary policy shocks on the real economy, as we use a factor-augmented vector autoregression (FAVAR). Previous research papers generally showed the impact of a monetary policy shock on the GDP, inflation, the money supply and the exchange rate. Our paper also indicates the effect of a monetary policy shock on other macroeconomic variables regarding different sectors of the economy, labor market and the foreign trade sector.

Keywords: monetary policy; Bayesian estimation; FAVAR. (search for similar items in EconPapers)
JEL-codes: C11 C3 E50 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v::y:2014:i:2:p:71-86

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