Assessing Structural Convergence between Romanian Economy and Euro Area: A Bayesian Approach
In this paper we involved a study of structural convergence between Romanian and Euro Zone econ- omies from the view point of synchronization in responses to shocks. For this purpose we called a Bayesian framework in which we estimated a time-varying parameters VAR model. For the identifi- cation of structural shocks we started from semi-structural VAR in which we incorporated the stan- dard predictions of DSGE literature for a New-Keynesian model. For several purposes mentioned in the paper, we used two versions of data, replacing GDP and GDP deflator from a standard approach with consumption and its deflator. In this paper we were mainly interested for the response of inter- est variables to a monetary shock for policy purposes and in a second timeframe for the responses to other types of shocks.
Volume (Year): 3 (2013)
Issue (Month): 3 (July)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Banbura, Marta & Giannone, Domenico & Reichlin, Lucrezia, 2007.
"Bayesian VARs with Large Panels,"
CEPR Discussion Papers
6326, C.E.P.R. Discussion Papers.
- Bańbura, Marta & Giannone, Domenico & Reichlin, Lucrezia, 2008. "Large Bayesian VARs," Working Paper Series 0966, European Central Bank.
- Martha Banbura & Domenico Giannone & Lucrezia Reichlin, 2008. "Large Bayesian VARs," Working Papers ECARES 2008_033, ULB -- Universite Libre de Bruxelles.
- Domenico Giannone & Martha Banbura & Lucrezia Reichlin, 2008. "Bayesian VARs with large panels," ULB Institutional Repository 2013/13388, ULB -- Universite Libre de Bruxelles.
- Renee Fry & Adrian Pagan, 2007. "Some Issues in Using Sign Restrictions for Identifying Structural VARs," NCER Working Paper Series 14, National Centre for Econometric Research.
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