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 …

practical application in Thirlwall’s economic growth model in the case of the Republic of Macedonia. The estimation is based on … the estimated income elasticity of import in the Thirlwall’s economic growth model shows that the growth rate of the …The purpose of this empirical research is estimation of the long-term price and income trade elasticities and their …

to use it for macro-economic policy analyses at the Macedonian central bank, by means of keeping the statistical basis up …This report describes the macro-econometric model for the Republic of Macedonia MAKMODEL. It documents the main … features of this model that was built by research teams of the Macedonian and Dutch central bank during July 1999 - June 2001 …