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This analysis examines aggregation bias in the case of the interest rate pass-through in the Republic of Macedonia. By … aggregation bias in the literature, implying that the empirical studies based on aggregated data may provide biased results. …
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This paper highlights that the EMU transition process itself can pose challenges to individual accession countries and draws policy implications for ERM II. Differences in financial market development and international liabilities underscore the risks and benefits of ERM II, and may lead to...
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