This article shows that the possibility for our country to reduce the unemployment by using the means of traditional macroeconomic policies are limited due to the contraints imposed by the inflation targeting regime and due to the restrictions in governement expenditures. The most realistic ways...

In this paper I compare the calibration technique with the Bayesian approach in the context of econometric methods of estimating structural models. I use the real business cycles model to apply both techniques. The model is calibrated and estimated for Romanian economy using quarterly data. I...

Whether including monetary aggregates and different financial variables into small scale BVAR models improves the accuracy of output forecasts is tested for three emerging European economies. Various specifications for the priors of the BVAR models are used. The results are found to vary with...

This paper tries to briefly analyze the characteristics of fiscal policy in the context of the actual crisis. We start from the ongoing discussion regarding the role of fiscal policy during the economic and financial crisis. We then focus on the case of CEE countries and on Romanian economy and...