benefits and costs of exchange rate targeting strategy in Macedonia are presented regarding the monetary policy (money supply … devided into six chapters. In the first introductory chapter the set up of the Macedonian monetary order is presented … factors. First, the monetary order in Macedonia was set up at the end of April 1992, when Macedonia came out from the Yugoslav …

influence of structural breaks in the mean of inflation on the level of persistence. We find strong evidence for a break in the …We apply classical econometric method to characterize the dynamic behavior of the quarter-on-quarter inflation over the … period 1997q1-2010q1. In particular, we estimate univariate autoregressive (AR) models for the aggregate consumer price …

, expectations deteriorated and household consumption declined subsequently. In this paper we aim to improve our understanding of the …The 2008-2009 global recession, which originated in developed economies, has rapidly spilled over worldwide, hitting … effects of the global crisis on the Macedonian economy by using disaggregated, firm-level data. As micro data generally …

the monetary policy autonomy, the so called impossible trinity. But given the high level of currency substitution and …The purpose of this paper is to present the role of the exchange rate stability in a small and open economy, where the … mind the possible implications on the economy and the financial system. Also, the experiences of the countries in …

prior to 1996 due to the turbulent initial period of transition and the switch in monetary policy strategy. We additionally … fluctuations in the Republic of Macedonia during the period 1991-2009. We use two different fiscal policy measures: 1) the …The main aim of this research is to investigate the cyclical behavior of fiscal policy with respect to output gap …