The ambition of this paper is to analyse real exchange rate dynamics in Macedonia relying on a highly disaggregated dataset. We complement the indirect evidence reported in Loko and Tuladhar (2005) and we provide direct evidence on the irrelevance of the Balassa-Samuelson effect for overall...

The ambition of this paper is to analyse real exchange rate dynamics in Macedonia relying on a highly disaggregated dataset. We complement the indirect evidence reported in Loko and Tuladhar (2005) and we provide direct evidence on the irrelevance of the Balassa-Samuelson effect for overall...

The ambition of this paper is to analyse real exchange rate dynamics in Macedonia relying on a highly disaggregated dataset. We complement the indirect evidence reported in Loko and Tuladhar (2005) and we provide direct evidence on the irrelevance of the Balassa-Samuelson effect for overall...

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 analysis examines aggregation bias in the case of the interest rate pass-through in the Republic of Macedonia. By using bank-level data, the authors investigate whether there are heterogeneities and asymmetries in the size and speed of the adjustment of lending rates to changes in the cost...

This paper investigates the existence of any systematic relationship between preliminary estimates and subsequent revisions of GDP growth rates in Macedonia. Accordingly, we use various statistical tools for testing the "news" and "noise" hypotheses and empirically assess if GDP data revisions...

The productivity slowdown in many OECD countries over the last decades coincided with a significant deceleration in human capital growth. We show that nearly one-sixth of this productivity slowdown can be attributed to a decline in human capital growth, mainly driven by the decline in the...

This paper uses cross-country macroeconomic empirical evidence among OECD countries to examine possible non-linear effects on employment of raising the minimum wage, in particular that marginal disemployment effects become larger when the initial minimum wage is already high. Some evidence is...

In this paper we present an overview of a number of issues relating to the equilibrium exchange rates of transition economies of the former soviet bloc. In particular, we present a critical overview of the various methods available for calculating equilibrium exchange rates and discuss how...