An Estimated New Keynesian Model for Romania

Petre Caraiani

Journal for Economic Forecasting, 2007, vol. 4, issue 4, 114-123

Abstract: In this paper I estimate a New Keynesian Model with sticky prices for the Romanian economy for the period 1991-2002, using quarterly data. The estimation was made in Dynare using the Bayesian approach. The degree of the price stickiness is moderate. The model makes good predictions in terms of correlations and standard deviations. The impulse response functions with respect to the monetary shock show moderate and persistent responses.

Keywords: business cycle; New Keynesians; monetary policy; DSGE models; Bayesian Econometrics. (search for similar items in EconPapers)
JEL-codes: C11 C15 E31 E32 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v:4:y:2007:i:4:p:114-123

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