Comparing Monetary Policy Rules in the Romanian Economy: A New Keynesian Approach

Petre Caraiani

Journal for Economic Forecasting, 2011, issue 4, 30-46

Abstract: A New Keynesian model of open economy is estimated and discussed in the case of Romania. The model is estimated using quarterly data on a post-2000 sample. The paper focuses on the monetary policy analysis and compares several specifications for the monetary policy within the Bayesian framework. The issue whether the National Bank reacts to the exchange rate is also discussed.

Keywords: New Keynesian models; small open economy; monetary policy; Taylor rules; Bayesian methods (search for similar items in EconPapers)
JEL-codes: C11 E32 E52 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v::y:2011:i:4:p:30-46

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