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1

THE IMPACT OF MONETARY POLICY SHOCKS IN A SMALL OPEN ECONOMY

100%
Caraiani P.
Ekonomický časopis (Journal of Economics)
|
2008
|
vol. 56
|
issue 6
537-550
EN
In this paper the author uses an open economy dynamic stochastic general equilibrium model and estimates it for Romanian economy using the Bayesian techniques. He estimates then the impact of domestic and external monetary policy shocks. The domestic interest shocks produce strong effects on output and exchange rate, and moderate ones on inflation. The effects are not very persistent. The results show that the monetary policy shocks from Euro Area do matter for Romanian economy, but in moderate way. Overall, monetary policy in Romania is found to be less gradual but more conservative than the ECB one.
2

FISCAL POLICY IN CEE COUNTRIES. EVIDENCE FROM CZECH REPUBLIC AND ROMANIA

100%
Caraiani P.
Ekonomický časopis (Journal of Economics)
|
2011
|
vol. 59
|
issue 1
79 – 104
EN
The author investigates the fiscal policy in CEE countries using evidence from two of the most important economies, Czech Republic and Romania. A small open economy model with a Taylor fiscal rule is estimated on quarterly data for these countries. He explores the potential of counter-cyclical fiscal policy in the context of the on-going financial crisis, the reaction of the fiscal policy to negative demand shocks or to a more relaxed monetary policy, as well as the impact of fiscal shocks. There are evidences that fiscal shocks during the last years behaved in a pro-cyclical way and it appears that the countercyclical potential of fiscal policy during the financial crisis remained largely unused.
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