Eftimoski, Dimitar (2019) An assessment of the dynamic effects of monetary policy in Macedonia. Applied Economics Letters, 26 (10). pp. 823-829. ISSN 1350-4851
Full text not available from this repository.Abstract
Macedonia, as a small emerging economy, is exposed to foreign risks such as: exchange rate volatility, trade distortions, and highly volatile capital flows. To ‘protect’ its economy, since 1995, the Macedonian Central Bank has applied the monetary strategy of exchange rate targeting, where the interest rate on Central Bank bills auctions is a basic monetary-policy instrument. This paper re-examined the effectiveness of the current monetary policy in Macedonia using the policy-oriented vector error correction model (VECM). We found that the Macedonian Central Bank demonstrates a low level of monetary-policy effectiveness and the existing monetary-policy strategy does not necessarily promote its ability to react countercyclically.
| Item Type: | Article |
|---|---|
| Subjects: | Scientific Fields (Frascati) > Social Sciences > Economics and Business |
| Divisions: | Faculty of Law |
| Depositing User: | PhD Dimitar Eftimoski |
| Date Deposited: | 16 Aug 2023 11:10 |
| Last Modified: | 16 Aug 2023 11:10 |
| URI: | https://eprints.uklo.edu.mk/id/eprint/8530 |
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