Optimal Rules for Monetary Policy: The Case of Romania

Mircea Bahna, Cosmin-Octavian Cepoi and Ramona Radu

International Journal of Academic Research in Business and Social Sciences, 2015, vol. 5, issue 12, 58-67

Abstract: In this paper we estimated the reaction function of the Central Bank of Romania during the last ten years. Using targeting rules of the type proposed by Clarida, Gali, Gertler (1998a, 1998b) we model the evolution of interest rate in this period. Using Generalized Method of Moments estimation we found out a strong relationship between interest rate, output-gap and inflation rate.

Keywords: Monetary (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:hur:ijarbs:v:5:y:2015:i:12:p:58-67

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