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From Rhetorics to Practice in Monetary Policy: A Romanian Perspective

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  • Daniela Gabor

    (Department of Economics, University of Stirling, Stirling, Scotland FK9 4LA, UK.)

Abstract

In August 2005, the National Bank of Romania changed its monetary policy framework in an attempt to sharpen its influence on monetary conditions in the economy. It replaced the strategy of targeting monetary aggregates used since 1990 with inflation targeting, a ‘fashionable’ policy stance grounded in a systematic commitment to a single, low inflation target. This paper will argue that the regime switch has failed to bridge the gap between policy theory and practice that prevailed during the monetary targeting years, as the new policy regime is similarly at odds with the structural conditions in the Romanian economy. Comparative Economic Studies (2008) 50, 511–534. doi:10.1057/ces.2008.24

Suggested Citation

  • Daniela Gabor, 2008. "From Rhetorics to Practice in Monetary Policy: A Romanian Perspective," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 50(3), pages 511-534, September.
    • Handle: RePEc:pal:compes:v:50:y:2008:i:3:p:511-534
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    Cited by:

    1. Claudiu Tiberiu Albulescu & Cornel Oros & Aviral Kumar Tiwari, 2017. "Oil price–inflation pass-through in Romania during the inflation targeting regime," Applied Economics, Taylor & Francis Journals, vol. 49(15), pages 1527-1542, March.
    2. Novák, Zsuzsanna, 2014. "Monetáris politika, infláció és gazdasági növekedés Kelet-Közép- és Délkelet-Európában [Monetary policy, inflation and economic growth in Central and South Eastern Europe]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 923-942.
    3. Sánchez, Marcelo, 2010. "Modelling anti-inflationary monetary targeting: with an application to Romania," Working Paper Series 1186, European Central Bank.
    4. Tiwari, Aviral Kumar & Mutascu, Mihai & Andries, Alin Marius, 2013. "Decomposing time-frequency relationship between producer price and consumer price indices in Romania through wavelet analysis," Economic Modelling, Elsevier, vol. 31(C), pages 151-159.
    5. Ivrendi, Mehmet & Guloglu, Bulent, 2010. "Monetary shocks, exchange rates and trade balances: Evidence from inflation targeting countries," Economic Modelling, Elsevier, vol. 27(5), pages 1144-1155, September.

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