Creation and proper functioning of the money market in Romania is subject to a preponderant constancy of private property, to support competition as a factor increasing the efficiency of the economy. Appearance money market in Romania is related to the transformations that have manifested in our...

We explore the optimal response of central bank when a news shock hits the economy, that is, agents’ optimistic expectation of an improvement in technology does not realize. Ramsey optimal policy and simple policy rules are studied in a two-sector model with price rigidities in each of...

The money-demand of the economy is characterised, when national output is random and investors cannot attract any level of debt at any moment without incurring in additional costs. The optimal cash balance is then expressed as the probability-quantile (or Value-at-Risk) of the series of capital...

Este artículo realiza un primer análisis de algunos aspectos centrales del proyecto 074 sin entrar en detalles de la naturaleza juridica. Su nivel es introductorio y a la vez de caracter reflexivo ya que busca a traves de una perspectiva economica, resaltar elementos para una discusión...

The extent to which the money supply affects the aggregate cash balance demanded at a certain level of nominal income and interest rates is determined by the interest-rate-elasticity and stability of the money demand. An actuarial approach is adopted in this paper for dealing with investors...

I estimate DSGE models with recurring regime changes in monetary policy (inflation target and reaction coefficients), technology (growth rate and volatility), and/or nominal price rigidities. In the models, agents are assumed to know deep parameter values but make probabilistic inference...

This study tries to quantify the impact of transition in Eastern countries in an early stage on the cost-side and also on the benefit-side. The exposition plan includes: 1) Introduction; 2) Structural distortions; 3) Transition versus stability.

The purpose of this study is to assess the impact of disturbances in operation of the Polish banking sector on the effectiveness of monetary policy implementation. The pass-through mechanism from market interest rates to retail interest rates, offered by banks to their customers, is analysed in...

The Fisher-Seater (1993) methodology is applied to Guatemala data (1950-2002) in order to test for long-run neutrality of money. Real GDP, consumption, investment and public expenditure, and the monetary base and M2a are found to be I(1). Given this order of integration, we applied the Fisher...

Using parametric and nonparametric methods, inflation persistence is examined through the relationship between exclusions-from-core inflation and total inflation for two sample periods and in five in-sample forecast horizons ranging from one quarter to three years over fifty vintages of...