Modelling Anti-inflationary Monetary Targeting in Romania

Marcelo Sanchez

International Economic Journal, 2011, vol. 25, issue 1, 125-145

Abstract: This paper characterises Romania's experience with anti-inflationary monetary targeting over the period 1999-2005 prior to the country's switch to inflation targeting. We uncover the National Bank of Romania's preferences, conditional on an estimated macro-model. We find that Romania's monetary targeting regime can be characterised by a concern for price stability and an additional role for smoothing of the central bank's instrument (base money growth). Exchange rate variability and output gap stability appear not to significantly enter the National Bank of Romania's objective function.

Keywords: Monetary targeting; optimal monetary policy; Romania (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/10168737.2010.487541 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:intecj:v:25:y:2011:i:1:p:125-145

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RIEJ20

DOI: 10.1080/10168737.2010.487541

Access Statistics for this article

International Economic Journal is currently edited by Jaymin Lee Editor

More articles in International Economic Journal from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().