01818cas a2200253 a 4500 AALejournalIMF003315 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451875591 1018-5941 BD-DhAAL BD-DhAAL Gueorguiev, Nikolay. Macroeconomic Implications of the Transition to Inflation Targeting and Capital Account Liberalization in Romania / Nikolay Gueorguiev, Pelin Berkmen. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (35 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students In the near future, Romania will introduce inflation targeting and fully liberalize its capital account. This paper aims to analyze, in a dynamic general-equilibrium model with sticky prices and monopolistic competition, how these two profound changes will affect the ability of monetary policy to pursue its objective of price stability. In particular, the resilience of the current and future monetary policy regimes to shocks is evaluated against two welfare criteria: a standard central bank loss function containing the deviations of inflation, output, and the real exchange rate from their equilibrium values, and the compensating variation measure of Lucas (1987). Mode of access: Internet Berkmen, Pelin. IMF Working Papers; Working Paper ; No. 2004/232 Full text available on IMF http://elibrary.imf.org/view/journals/001/2004/232/001.2004.issue-232-en.xml IMF e-Library