The main object of the research is to identify and analyze an optimal monetary and fiscal policy model that responds to the economic problems of the countries from Central an East Europe and mainly of Romania.Given the vulnerabilities of the Central and Eastern Europe region at the beginning and during the recent global economic and financial crisis, there is an increased interest to identify models that can explain the main features of Central and Eastern Europe macroeconomic data, such as: GDP, inflation rate, nominal interest rate, governmental expenses and public debt.Moreover, due to the importance of uncertainty in modelling the monetary policy and to the increasing attention that central banks should pay to the anticipation of future macroeconomic conditions, antoher objective of the research is to identify the significant shocks that influence the macroeconomic environment, such as: productivity (technology) shock,output shock,?price and wages?mark-up shocks, interest rate shock, tax shock and government spending shock.
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