Comparing Monetary Policy Rules in the Romanian Economy: A New Keynesian Approach
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.
Volume (Year): (2011)
Issue (Month): 4 (December)
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