Abstract

The sphere of economic modelling has continuously evolved, revealing new issues to be considered for a more grounded analysis of the features specific to a real economy. Based on the dynamic stochastic general equilibrium class of models and including increasingly important elements, like the price and wage stickiness, the capital utilisation rate or the investment adjustment costs and, last but not least, the financial frictions, this study is dedicated to the estimation of several key parameters of the Romanian economy, outlining the general characteristics of the latter and indicating the direction towards which it is moving. The estimation outcomes, arising on the basis of the Bayesian approach, herein presented and construed, prove to be compliant, to a large extent, with own previous results, as well as with the related specialty literature.

Authors and Affiliations