Monetary policy should be guided by macroeconomic models with limited nominal rigidity – ‘New Classical’ or even for some issues just plain Classical (i.e. with no nominal rigidity at all) models are perfectly adequate for understanding various aspects of the economy that have previously...

The growth of connections between national economies has generated a consolidation of foreign currency activities, requiring a continuous adjusting regime, both for the foreign currency policy and for the exchange rate to the market mechanisms. In Romania, there have been frequent alterations of...