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Can monetary policy affect economic activity under surplus liquidity : some evidence from Macedonia

Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - Narodna Banka na Republika Makedonija - 2015

Surplus liquidity in the banking system changes the monetary transmission mechanism, reducing the effectiveness of the … Macedonia, an economy characterized by surplus liquidity. We use regime-switching Vector Autoregressions and track the responses … monetary policy in economies with surplus liquidity. Regarding analysis, the implication is that the traditional approach …

Persistent link: https://www.econbiz.de/10011623487

Overview of the Macedonian Policy Analysis Model (MAKPAM)

Hlédik, Tibor; Bojceva Terzijan, Sultanija; Jovanovic, … - Narodna Banka na Republika Makedonija - 2016

This paper describes the Macedonian Policy Analysis Model (MAKPAM), which is used at the National Bank of the Republic of Macedonia (NBRM) for medium term macroeconomic forecasting and policy analysis. The MAKPAM is a medium scale, New Keynesian gap model that incorporates the key...

Persistent link: https://www.econbiz.de/10011623918

Central banking in the aftermath of the global economic crisis

Bezhoska, Anita Angelovska - Narodna Banka na Republika Makedonija - 2019

The worldwide financial crisis revealed that some of the basic consensuses concerning the macroeconomic policy framework and the roles of the central banks were no longer tenable. This prompted rethinking of central bank objectives, strategies and policy instruments, with particular focus on the...

Persistent link: https://www.econbiz.de/10012211862

Loan supply shocks in Macedonia : a Bayesian SVAR approach with sign restrictions

Kabashi, Rilind; Suleva, Katerina - Narodna Banka na Republika Makedonija - 2016

This paper analyses the effects of loan supply, as well as aggregate demand, aggregate supply and monetary policy shocks between 1998 and 2014 in Macedonia using a structural Vector Auto Regression with sign restrictions and Bayesian estimation. The main results indicate that loan supply shocks...

Persistent link: https://www.econbiz.de/10011623896

Resilience to global headwinds? : CESEE responses to changing trade and financial landscape : focus on the Macedonian economy

Stojchevska, Vesna - Narodna Banka na Republika Makedonija - 2019

This analysis is aimed at investigating the response of the CESEE economies, and especially of the Macedonian economy, to the changing global environment in the latest period, predominantly to the recent challenges coming from the global trade and financial landscape. It offers a historical...

Persistent link: https://www.econbiz.de/10012211854