 The Bayesian Modelling Of Inflation Rate In RomaniaRomanian Statistical Review, 2014, vol. 62, issue 2, 147-160 Abstract: Bayesian econometrics knew a considerable increase in popularity in the last years, joining the interests of various groups of researchers in economic sciences and additional ones as specialists in econometrics, commerce, industry, marketing, finance, micro-economy, macro-economy and other domains. The purpose of this research is to achieve an introduction in Bayesian approach applied in economics, starting with Bayes theorem. For the Bayesian linear regression models the methodology of estimation was presented, realizing two empirical studies for data taken from the Romanian economy. Thus, an autoregressive model of order 2 and a multiple regression model were built for the index of consumer prices. The Gibbs sampling algorithm was used for estimation in R software, computing the posterior means and the standard deviations. The parameters’ stability proved to be greater than in the case of estimations based on the methods of classical Econometrics. Keywords: Bayesian econometrics; Bayesian regression; Bayes’ theorem; Gibbs sampling algorithm; posterior mean (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:rsr:journl:v:62:y:2014:i:2:p:147-160 Access Statistics for this article More articles in Romanian Statistical Review from Romanian Statistical Review Contact information at EDIRC. |
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