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....

In this study I use the Bayesian VAR framework to forecast the dynamics of output for the Romanian economy. I estimate several versions of Bayesian VARs and compare them in terms of forecasting statistics with two standard models, the OLS and the unrestricted VAR, as well as with a naïve...

In this study, I estimate a monetary DSGE model using Bayesian techniques and I use the estimated model to forecast the Romanian GDP in the long run. For the 2008-2010 period, the forecasts with the model confirm the present consensus among the economists about a growth potential of 5 to 6% for...

In this study I apply a simple DSGE model to forecast the quarterly Romanian GDP. The forecast is based on the posterior distribution of the model parameters resulted from the Bayesian estimation. The forecast for the 2006-2007 period shows that the realized GDP is within the confidence interval...