The Romanian versus Eurozone economy via a DSGE model

Oana Simona Hudea

Economic Research-Ekonomska Istraživanja, 2019, vol. 32, issue 1, 50-65

Abstract: The present paper has as main purpose to reveal, in a new-Keynesian manner, the evolution of the Romanian economy, as compared to that of the Eurozone, for a period of 14.5 years, since 2000 to 2014. The analysis is based on dynamic modelling, considering price and wage stickiness, as well as the manifestation of 20 structural shocks acting on and altering the model variables, all captured in the context of the general equilibrium of markets. The estimation of parameters and the standard deviation of shocks, achieved by resorting to the Bayesian approach, via the use of the Metropolis-Hastings algorithm, a Markov Chain Monte Carlo instrument, was rendered and construed accordingly, revealing compatibility not only with other authors’ results, but also with the economic reality of the time.

Date: 2019
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DOI: 10.1080/1331677X.2018.1550004

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