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Taylor rule in emerging countries. Romanian case

机译：泰勒统治在新兴国家。罗马尼亚案

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Rules for Taylor-type monetary policy occurred in 1993 and during this time there have been widely used as an evaluation tool for monetary policy of different countries, either independently or in comparison with other monetary policy rules or guidelines. Using a large extent of these rules has been determined, on the one hand by the high capacity of characterize monetary policy actions, and on the other hand the simplicity of their handling of economic models. One of the most popular ideas in the monetary economy is that the central bank should follow the Taylor rule, under which the central bank should take into account in setting the interest rate of two factors: the inflation rate and the gap between the Gross Domestic Product and potential Gross Domestic Product (output gap). It should be noted that monetary policy decisions affect the decisions of consumption / investment, but also on the asset allocation. Taylor rule guides monetary policy to reconcile price stability and full employment rate, goals that are sometimes divergent on short-term. In the short term perspective of Romanian banking system the main problem that arises is determined by the terminus point of monetary policy normalization: how far the central bank will cut the benchmark interest rate? In this paper, we want to apply the Taylor rule (the monetary policy instrument used by central banks in developed countries before the Great Recession), in order to see if we are approaching the end of the process of normalizing monetary policy in Romanian banking system. In other words, this paper aims to examine whether the use of interest rate as an instrument, following a Taylor rule type, would have been used successfully by National Bank of Romania. In the financial literature, the Taylor rule is considered an accurate description of how monetary policy decisions are taken by the FED, but also by other central banks.
机译：泰勒型货币政策规则于1993年发生，此时已被广泛用作不同国家的货币政策的评估工具，无论是与其他货币政策规则还是指导方针相比。一方面在一方面使用了很大程度上的规则，一方面通过了许可证的货币政策行动的高容量，另一方面，另一方面，他们处理经济模型的简单性。货币经济中最受欢迎的想法之一是中央银行应遵循泰勒规则，其中央行应考虑到建立两个因素的利率：通货膨胀率和国内生产总值之间的差距和潜在的国内生产总值（产出差距）。应该指出的是，货币政策决策影响消费/投资的决定，也影响资产拨款。泰勒规则指导货币政策来调和价格稳定和充分就业率，有时在短期内发散的目标。在罗马尼亚银行系统的短期视角下，出现的主要问题是由货币政策规范化的终点决定：中央银行将减少基准利率？在本文中，我们希望申请泰勒规则（在巨额经济衰退前发达国家中央银行使用的货币政策仪器），以了解我们是否正在接近罗马尼亚银行系统中金钱政策的终结终结。换句话说，本文旨在审查泰勒规则类型之后作为仪器的利率使用的使用，将由罗马尼亚国家银行成功使用。在金融文献中，泰勒规则被认为是对美联储的货币政策决策如何采取的准确描述，也是由其他中央银行采取的。

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