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Determining the Optimum Value of the Monetary Stimulus Bistriceanu Gabriel Economist, National Bank of Romania -Bucharest, Monetary Policy Department Online published on 23 September, 2014. Abstract The present paper proposes an optimization model of the loss function of the central bank for determining the optimum value of the monetary stimulus provided by the central bank mainly to the financial institutions in the economy. The empirical analysis is performed on the case of two large currency areas: the U.S. and the euro area. For these two currency areas, the elasticity coefficients and the average values of the economic variables required to determine the optimum values of the monetary stimulus are calculated using a sample of quarterly data from the period 2000 -2013. Finally, there are proposed numerical targets for the central bank's objectives and are determined the appropriate monetary stimulus optimum values to achieve these objectives. Top Keywords Monetary stimulus, central bank, monetary base, optimization, elasticity coefficients. Top | |
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