There is a significant number of empirical studies and theoretical analyses that approach the inflation evolution and offer a perspective on the monetary policy in Romania. Scutaru and Stănică (2005) used a structural autoregressive vector to capture the output gap evolution in Romania and they evaluated the effects of the inflationist shocks to the Romanian economy. A Philips relation between unemployment and inflation is also emphasized in the study. Boţel (2010) used a univariate approach to capture CORE3 inflation inertia in Romania. Caraiani used a range of DSGE models to analyze the Romanian economy dynamics. Thus, Caraiani (2009a) tackled the problem of the inflation persistence in Romania, using a standard CIA model and an augmented CIA model.