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Estimation of the Basic New Keynesian Model for the Economy of Romania

Ifrim, Adrian (2014): Estimation of the Basic New Keynesian Model for the Economy of Romania.

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Abstract

In this paper a simple New-Keynesian DSGE model is derived and then estimated for the Romanian economy. Some parameters are calibrated and others are estimated on Romania’s data using Bayesian techniques. The model fit is evaluated and the effects of different types of shock are presented.

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