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 …

This paper focuses on investigating the determinants of lending rates and interest rate spreads in Macedonia. In order … panel estimation techniques on a sample of commercial banks in Macedonia. Our results indicate that lending rates are mostly … to quantify the effect of various factors on lending rates and interest rate spreads during the 2001-2009 period, we use …

indicator of monetary policy stance in Macedonia. It employs the approach introduced by Bernanke and Mihov (1998) of isolating … structural model. We use the model to extract unanticipated policy stance, as an alternative view on the monetary policy. … monetary policy shocks from the whole set of monetary policy instruments that otherwise react to real developments. The …

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 … of different economic activity indicators to changes in the monetary policy instruments. Our findings suggest that the …

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 …