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From rhetorics to practice in monetary policy: A Romanian perspective

Gabor, Daniela

Authors



Abstract

In August 2005, the National Bank of Romania changed its monetary policy framework in an attempt to sharpen its influence on monetary conditions in the economy. It replaced the strategy of targeting monetary aggregates used since 1990 with inflation targeting, a 'fashionable' policy stance grounded in a systematic commitment to a single, low inflation target. This paper will argue that the regime switch has failed to bridge the gap between policy theory and practice that prevailed during the monetary targeting years, as the new policy regime is similarly at odds with the structural conditions in the Romanian economy.

Citation

Gabor, D. (2008). From rhetorics to practice in monetary policy: A Romanian perspective. Comparative Economic Studies, 50(3), 511-534. https://doi.org/10.1057/ces.2008.24

Journal Article Type Conference Paper
Publication Date Sep 5, 2008
Journal Comparative Economic Studies
Print ISSN 0888-7233
Electronic ISSN 1478-3320
Publisher Palgrave Macmillan (part of Springer Nature)
Peer Reviewed Peer Reviewed
Volume 50
Issue 3
Pages 511-534
DOI https://doi.org/10.1057/ces.2008.24
Keywords monetary policy, inflation targeting, transition economies, Romania
Public URL https://uwe-repository.worktribe.com/output/1009579
Publisher URL http://dx.doi.org/10.1057/ces.2008.24