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

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  • Caraiani, Petre

    ()
    (Institute for Economic Forecasting, Romanian Academy)

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.

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File URL: http://www.ipe.ro/rjef/rjef4_11/rjef4_2011p30-46.pdf
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Bibliographic Info

Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): (2011)
Issue (Month): 4 (December)
Pages: 30-46

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Handle: RePEc:rjr:romjef:v::y:2011:i:4:p:30-46

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Related research

Keywords: New Keynesian models; small open economy; monetary policy; Taylor rules; Bayesian methods;

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References

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  1. Laurence Ball, 1998. "Policy Rules for Open Economies," NBER Working Papers 6760, National Bureau of Economic Research, Inc.
  2. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
  3. Lubik, Thomas A. & Schorfheide, Frank, 2007. "Do central banks respond to exchange rate movements? A structural investigation," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 1069-1087, May.
  4. repec:ebl:ecbull:v:5:y:2007:i:3:p:1-11 is not listed on IDEAS
  5. Richard Clarida & Jordi Gali & Mark Gertler, 1997. "Monetary Policy Rules in Practice: Some International Evidence," NBER Working Papers 6254, National Bureau of Economic Research, Inc.
  6. Eschenhof, Sabine, 2009. "Comparing Monetary Policy Rules in a Small Open Economy Framework: An Empirical Analysis Using Bayesian Techniques," Darmstadt Discussion Papers in Economics 40392, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL).
  7. Juan Paez-Farrell, 2007. "Understanding monetary policy in Central European countries using Taylor-type rules: the case of the Visegrad four," Economics Bulletin, AccessEcon, vol. 5(3), pages 1-11.
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Cited by:
  1. Caraiani, Petre, 2013. "Comparing monetary policy rules in CEE economies: A Bayesian approach," Economic Modelling, Elsevier, vol. 32(C), pages 233-246.

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