Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - Narodna Banka na Republika Makedonija - 2015
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 Macedonia, an economy characterized by surplus...
