From 1884 to 1914, the Privileged National Bank of the Kingdom of Serbia managed to establish and maintain relatively stable monetary conditions. On the one hand, its interest rates and lending policy contributed to the lowering and stabilization of exceptionally high market interest rates, and...

This paper shows firstly that the money-in-the-utility-function model presents exactly the same kind of limitations as the cash-in-advance model for characterizing explosive hyperinflation. These limitations relate to sufficient money essentiality in the sense of Scheinkman (1980). Thereby, this...

In this paper we seasonally adjust, step by step, monthly series of Serbian industrial production for the period 1994–2012, using the X-12-ARIMA method. In the pre-adjustment phase, we corrected the series for the automatically detected (using RegARIMA) effects of outliers, such as the level...

Theory provides more then one explanation of both the manner and mechanisms of fiscal policy impact on inflation. Opting for a particular explanation is further complicated by the specific features of fiscal policy currently implemented in Serbia. This paper aims to recognize the effects and...