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Monetary Policy Transmission Mechanism in Romania Over the Period 2001 to 2012: A BVAR Analysis

Monetary Policy Transmission Mechanism in Romania Over the Period 2001 to 2012: A BVAR Analysis
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Author(s): Cristi Spulbar (University of Craiova, Romania)and Ramona Birau (Constantin Brâncuși University of Targu Jiu, Romania)
Copyright: 2023
Pages: 13
Source title: Research Anthology on Macroeconomics and the Achievement of Global Stability
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-6684-7460-0.ch012

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Abstract

This chapter aims to provide additional empirical evidence on monetary policy transmission mechanism in Romania over the period 2001 to 2012 based on a BVAR analysis with a KoKo Minnesota/Litterman prior. The importance of the central bank is rising in Romania considering its main attribution to control the interest rate in accordance with its objectives. The empirical evidence provides a significant contribution to literature taking into account the characteristics of the selected emerging country, i.e. Romania, a former communist country in Central and Eastern Europe.

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