The Role of the Monetary Policy in the Context of the Macroeconomic Policies Mix –A Fiscal and Monetary Policy Case Study for Romania

The main object of the research is to analyze and identify an optimal monetary and fiscal policy model that responds to the economic problems of the countries from Central and East Europe and, mainly, of Romania. Given the vulnerabilities of the Central and Eastern Europe region at the beginning and during the recent global economic and financial crisis, there is an increased interest to identify the models that can explain the main features of the Central and Eastern Europe macroeconomic data: GDP, inflation rate, the nominal interest rate, the weight of governmental expenses and public debt in GDP. Moreover, due to the importance of the uncertainty in modelling the monetary policy and to the increasing attention that central banks should pay to the anticipation of the future macroeconomic conditions, another objecive of the research is to identify the significant shocks that influence the macroeconomic environment, such as: productivity (technology) shock, world output shock, mark-up shock, interest rate shock, tax shock and spending shock.