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From Macroeconomic Stability to Sustainable Growth in Romania

Author

Listed:
  • Coralia Angelescu

    (Academy of Economic Studies, Bucharest)

  • Aura-Gabriela Socol

    (Ministry of Economy and Finance)

Abstract

This paper evaluates the trade-off between output volatility and the variability of the inflation rate around its target. In addition, the study evaluates the quality of economic growth in Romania, in accordance with the macroeconomic stability process. In our opinion, the optimal choice for a central bank is the flexible inflation targeting. For this purpose, central bank must explicites the loss function and the optimal monetary policy rule. We then argued that this Romanian authority can substantially improve their credibility under inflation targeting policy regime by becoming more accountable and transparent. Is the inflation targeting the best choice for the monetary policy regime in Romanian economy? Can Romania improves the sustainable growth?

Suggested Citation

  • Coralia Angelescu & Aura-Gabriela Socol, 2007. "From Macroeconomic Stability to Sustainable Growth in Romania," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 11(11(516)(s), pages 77-84, November.
    • Handle: RePEc:agr:journl:v:11(516)(supplement):y:2007:i:11(516)(supplement):p:77-84
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