This study investigates the cyclical character of fiscal policy in transition countries in Central, Eastern and Southeastern Europe (CESEE) in the period from 1995 to 2011, using system GMM as the preferred estimation method for the underlying sample and model specification. The study finds...

This study investigates the effects of the global financial and economic crisis on Macedonia, with a particular focus on the period between 2008 and 2010. The counterfactual approach is used, according to which various hypothetical scenarios are created in order to simulate the movements of the...

This paper focuses on investigating the determinants of lending rates and interest rate spreads in Macedonia. In order to quantify the effect of various factors on lending rates and interest rate spreads during the 2001-2009 period, we use panel estimation techniques on a sample of commercial...

This paper describes the Macedonian Policy Analysis Model (MAKPAM), which is used at the National Bank of the Republic of Macedonia (NBRM) for medium term macroeconomic forecasting and policy analysis. The MAKPAM is a medium scale, New Keynesian gap model that incorporates the key...

This study empirically investigates the short- to medium-term effects of fiscal policy on output and other macroeconomic variables in European Union countries between 1995 and 2012, with particular reference to transition countries. It applies Panel Vector Auto Regression with recursive...

Technical assistance to develop a macroeconomic framework was delivered to the Central Bank of Bosnia and Herzegovina (CBBH) between April 2021 and December 2023. The Quarterly Macro Forecasting Framework (QMFF) developed during this project is a quarterly framework whose main behavioral...