We discuss the properties of business cycles in Romania between 1991 and 2011 using a wavelets based method. We compare it with the standard approaches in literature. We analyze the relationship between output and key macroeconomic variables in time and frequency. While in terms of comovement...

Using the Bayesian approach, a small open economy DSGE model was estimated using a sample of quarterly data for three Central and Eastern Europe economies, Czech Republic, Hungary and Poland. The hypothesis that central banks react to exchange rate movements was tested using posterior odds...