; 4) small structural model that links GDP components to a small set of explanatory variables; 5) static factor model that … dismissed. The small structural model that explains every GDP component as a function of economic determinants comes third …, "reviving" the interest in these old-school models, at least for the case of Macedonia. …

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 …

revisions of GDP growth rates in Macedonia. Accordingly, we use various statistical tools for testing the "news" and "noise … empirical approaches in general provide mixed results about the predictability of GDP revisions, although the empirical evidence …This paper investigates the existence of any systematic relationship between preliminary estimates and subsequent …

account movement in the case of the Macedonian economy, hoping to shed light on the influence of the fiscal policy on the … connection is only contemporaneous, implying that fiscal policy stance does not cause long lasting changes in the balance of … external position of the economy, as well as to provide useful guidance for policy makers about the sensitivity of the current …

This paper analyses the effects of loan supply, as well as aggregate demand, aggregate supply and monetary policy … well as on economic activity and prices. The effects of monetary policy on lending activity are fairly limited, although … policy instrument. However, the restrictive policy during the crisis for the purposes of maintaining monetary policy goals …

This study investigates the cyclical character of fiscal policy in transition countries in Central, Eastern and … sample and model specification. The study finds discretionary policy in the CESEE EU Member States and in the Western Balkan … to an acyclical stance. In addition, the analysis indicates considerable differences in the cyclical character of fiscal …

exchange rate regime. This model outlines the transmission mechanism of the monetary policy in the Macedonian economy, and it … supporting the monetary policy decision-making of the NBRM. …This paper describes the Macedonian Policy Analysis Model (MAKPAM), which is used at the National Bank of the Republic …

This paper aims to assess the usefulness of leading indicators in business cycle research and forecast. Initially we … indicators performs in forecasting turning points of the Macedonian business cycle by employing the Qual VAR approach of Dueker … (2005). In continuation, we evaluate the quality of the selected indicators in pseudo-out-of-sample context. The results …

In this paper, we empirically assess the effects of the decomposed private sector credit on the economic growth and … economic growth, whereas for the household credits the result is ambiguous. Regarding the impact of the decomposed credit on … the REER, used as a measure of the price competitiveness of the specific countries, our findings suggest that both …