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Modelling Anti-inflationary Monetary Targeting in Romania

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  • Marcelo Sanchez
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    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.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/10168737.2010.487541
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal International Economic Journal.

    Volume (Year): 25 (2011)
    Issue (Month): 1 ()
    Pages: 125-145

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    Handle: RePEc:taf:intecj:v:25:y:2011:i:1:p:125-145

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    Related research

    Keywords: Monetary targeting; optimal monetary policy; Romania;

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