Assessing Structural Convergence between Romanian Economy and Euro Area: A Bayesian Approach
Journal Title: International Journal of Academic Research in Accounting, Finance and Management Sciences - Year 2013, Vol 3, Issue 3
Abstract
In this paper we involved a study of structural convergence between Romanian and Euro Zone econ-omies from the view point of synchronization in responses to shocks. For this purpose we called a Bayesian framework in which we estimated a time-varying parameters VAR model. For the identification of structural shocks we started from semi-structural VAR in which we incorporated the standard predictions of DSGE literature for a New-Keynesian model. For several purposes mentioned in the paper, we used two versions of data, replacing GDP and GDP deflator from a standard approach with consumption and its deflator. In this paper we were mainly interested for the response of interest variables to a monetary shock for policy purposes and in a second timeframe for the responses to other types of shocks.
Authors and Affiliations
Alexie Alupoaiei, Ana-Maria Sandica
Keywords
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- EP ID EP125825
- DOI 10.6007/IJARAFMS/v3-i3/247
- Views 112
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