Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - Narodna Banka na Republika Makedonija - 2015
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 …, but are significant. This implies that monetary policy can affect economic activity through the reserve requirement and …