MACROECONOMIC PERFORMANCES UNDER INFLATION TARGETING. THE CASE OF ROMANIA

Bogdan Iftimie () and Simona-Mihaela Chiru
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Bogdan Iftimie: Department of Applied Mathematics, The Bucharest University of Economic Studies
Simona-Mihaela Chiru: Faculty of Finance, Insurance, Banking and Stock Exchange, The Bucharest University of Economic Studies

ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, 2016, vol. 50, issue 3, 193-209

Abstract: This paper aims to analyze the macroeconomic performance of inflation targeting in terms of inflation, output, exchange rates and interest rates behaviour, as well as their volatilities. The study gives an overview of inflation targeting features with focus on Romanian experience. Using econometric models and statistical analysis we highlight several indicators before and after inflation targeting adoption and discuss the performance of the new regime. Another paper’s goal is to evaluate the performance of the monetary policy strategy in terms of transmission mechanism of the monetary policy impulses. With other words, as the monetary policy interest rate is the most important instrument used currently, we aim to measure the performance of inflation targeting regime on inflation by studying the characteristics of interest rate transmission mechanism on inflation. In order to do this, we use the VAR technique, assessing the monetary policy interest rate transmission mechanism. Our paper brings new empirical evidence.

Keywords: inflation targeting; transmission mechanism; economic performance; monetary policy; monetary policy strategy; central banks; inflation. (search for similar items in EconPapers)
JEL-codes: C13 C51 C87 E31 E52 E58 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:cys:ecocyb:v:50:y:2016:i:3:p:193-209

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