Jovanovic, Branimir; Krstevska, Aneta; Popovska-Kamnar, Neda - Narodna Banka na Republika Makedonija - 2015
Macedonia, an economy characterized by surplus liquidity. We use regime-switching Vector Autoregressions and track the responses … interest rate channel is weakly effective in Macedonia. The responses to the other instruments are not very sizeable, either …