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Optimal Rules for Monetary Policy: The Case of Romania

Author

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  • Mircea Bahna
  • Cosmin-Octavian Cepoi
  • Ramona Radu

Abstract

In this paper we estimated the reaction function of the Central Bank of Romania during the last ten years. Using targeting rules of the type proposed by Clarida, Gali, Gertler (1998a, 1998b) we model the evolution of interest rate in this period. Using Generalized Method of Moments estimation we found out a strong relationship between interest rate, output-gap and inflation rate.

Suggested Citation

  • Mircea Bahna & Cosmin-Octavian Cepoi & Ramona Radu, 2015. "Optimal Rules for Monetary Policy: The Case of Romania," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 5(12), pages 58-67, December.
    • Handle: RePEc:hur:ijarbs:v:5:y:2015:i:12:p:58-67
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    Cited by:

    1. Lucian Croitoru, 2021. "Responding to Criticism of Monetary Policy in Romania in the Decade Surrounding the 2008 Financial Crisis (2004-2013)," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 39-58, December.

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    Keywords

    Monetary;

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