The overall degree of international equity market connectedness has gradually increased over the past two decades. Reflecting the shift in global economic power, it has been recently suggested to pay more attention to the BRICT (Brazil, Russia, India, China, and Turkey) countries. Building on,...

Aim of the research is an analysis of the mechanism of transmission of the disturbances caused by the supply or price shocks in such economic systems as the supply chains, linked markets, etc. The interest of the study is focused on the propagation of shocks in the complex systems with...

Comprehensive economic models in general, and macro-fiscal integrated models in particular, are needed to ensure consistency and optimality in constructing government annual integrated budgets and economic development programmes. Mathematical models can provide decision-makers and planners with...

A well-functioning financial system is necessary for an effective monetary policy transmission. Simultaneously, monetary policy can also influence financial system stability through its effect on financial condition and behavior of the financial market. Changes in policy rate will have an effect...

The money demand function has been regarded as a fundamental building block in macroeconomic modelling, as it represents the link between the monetary policy and rest of the economy. The extensive literature on money demand function is concerned with the existence of a stable money demand...

HERMREG is a regional econometric model for Belgium. It provides midterm forecasts for the three Belgian regions (the Brussels Capital Region, the Flemish Region and the Walloon Region) on a sectoral level. The model started off as a top-down model, but recently the model has been enriched with...

This presentation will start with a global description of the package features, then move to an interactive computer session. The purpose of MacSim is to describe the main macroeconomic interactions, both inside and between countries, based on a set of small quarterly econometric country models,...

The experience of the last decades revealed the weakening of the relationship between inflation and a domestic output gap in many small open economies. However we may expect that there is still a substantial share of inflation basket which is sensitive to domestic economic activity, in...

Turkey has experienced substantial structural change in the last decade. In this paper, with the aid of our developed structural macro model, we attempted to assess the impact of this structural change on future macroeconomic indicators. Some of Turkey’s structural developments such as the...