Tintirea directa a inflatiei in Romania – provocari si perspective
[Inflation targeting in Romania - challenges and perspectives]
Using the most important criteria that should be taken into account when a monetary policy strategy is changed, this paper assess the opportunity of changing the status quo of the monetary policy in Romania with the inflation targeting monetary policy framework in 2005. The paper identifies the challenges of the direct inflation targeting implementation in Romania and analyzes the future of this strategy in the medium and long-run perspective. Regarding the perspectives of inflation targeting in Romania, this paper emphasizes the fact that the strategy would be maintained according to NBR strategy at least till ERM2 entry. The paper concludes also that after the Romania’s EU entry and ERM2 participation, a strict inflation targeting framework will not be appropriate anymore. A more flexible inflation targeting, allowing for exchange rate stability would be more appropriate.
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- Lars E.O. Svensson, 2004. "Targeting Rules vs. Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?," NBER Working Papers 10747, National Bureau of Economic Research, Inc.
- Svensson, Lars E. O., 2005. "Monetary policy with judgment: forecast targeting," Working Paper Series 476, European Central Bank.
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