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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 traditional instrument, the interest rate. In this paper we examine the real effects of several monetary-policy instruments in Macedonia, an economy characterized by surplus...

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

Alternative indicator of monetary policy stance for Macedonia

Petrovska, Magdalena; Georgievska, Ljupka - Narodna Banka na Republika Makedonija - 2015

This paper applies a SVAR model which combines different monetary policy instruments to construct an alternative indicator of monetary policy stance in Macedonia. It employs the approach introduced by Bernanke and Mihov (1998) of isolating monetary policy shocks from the whole set of monetary...

Persistent link: https://www.econbiz.de/10011623473

Wage and price setting in Macedonia : evidence from survey data

Ramadani, Gani; Naumovski, Nikola - Narodna Banka na Republika Makedonija - 2015

This paper presents the main findings of a survey on wage and price formation of firms in Macedonia conducted in the first half of 2014. The main objective was to identify some relevant characteristics about the dynamics of wages and prices in Macedonia, clarifying the relationship between them,...

Persistent link: https://www.econbiz.de/10011623540

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

Post-crisis credit slowdown in South-East Europe : return to normality?

Jovanovic, Branimir; Hani, Egzona; Georgievska, Ljupka - Narodna Banka na Republika Makedonija - 2014

What explains the post-crisis slowdown in bank credit to private sector in the South-East European economies? We try to … answer this question, by comparing the actual credit growth to the fundamental and equilibrium growths. The fundamental … economy being in medium-term equilibrium. Results suggest that the slowdown reflects both return of the credit activity to its …

Persistent link: https://www.econbiz.de/10011623469

Investigating the cyclical behavior of fiscal policy in the Republic of Macedonia during the period of transition

Angelovska Bezovska, Anita; Bogoev, Jane; Mitreska, Ana; … - Narodna Banka na Republika Makedonija - 2011

Persistent link: https://www.econbiz.de/10011623213

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

The effect of enterprise and household credit on economic growth and real exchange rate dynamics : evidence from SEE countries

Angjelkovska, Tijana; Hani, Egzona; Eliskovski, Milan - Narodna Banka na Republika Makedonija - 2016

In this paper, we empirically assess the effects of the decomposed private sector credit on the economic growth and … decomposing bank credit into households and enterprises so that we can assess their effects on both, the economic growth and REER … economic growth, whereas for the household credits the result is ambiguous. Regarding the impact of the decomposed credit on …

Persistent link: https://www.econbiz.de/10011620078

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

Forecasting Macedonian business cycle turning points using Qual VAR model

Petrovska, Magdalena; Krstevska, Aneta; Naumovski, Nikola - Narodna Banka na Republika Makedonija - 2016

This paper aims to assess the usefulness of leading indicators in business cycle research and forecast. Initially we test the predictive power of the ESI within a static probit model as a leading indicator, commonly perceived to be able to provide a reliable summary of the current economic...

Persistent link: https://www.econbiz.de/10011623919