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 …, together with the outline what is following in next five chapters. The main topic of investigation in the second chapter is, if …

The ambition of this paper is to analyse real exchange rate dynamics in Macedonia relying on a highly disaggregated … irrelevance of the Balassa-Samuelson effect for overall inflation via service prices in the CPI. Furthermore, we estimate variants … fairly robust in terms of sign and size. An increase/decrease in the productivity variables is associated with an …

effectiveness of the interest rate transmission channel in Macedonian economy. Based on the analysis for peg sustainability and … still existing problems in the functioning of the interest rate transmission channel, the main findings are that current … monetary policy strategy is still valid and regular monitoring of the environment that is changing dynamically is more then …