Comparing Constraints to Economic Stabilization in Macedonia and Slovakia : Macro Estimates with Micro Narratives

This paper re-emphasizes the link from structural policies to enhanced macroeconomic stabilization using a small structural model estimated on quarterly data for Macedonia and Slovakia over 1995-2007. The success of macroeconomic stabilization, typ...

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Bibliographic Details
Main Authors:	Melecky, Martin, Najdov, Evgenij
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ADVERSE EFFECTS AGGREGATE DEMAND AGGREGATE SUPPLY ARBITRAGE BANKING SECTOR BANKING SECTORS BENCHMARK BENCHMARKING BILATERAL EXCHANGE RATES BILL CAPACITY CONSTRAINTS CAPITAL FLOWS CAPITAL GOODS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL STOCK CENTRAL BANK COMPETITION POLICY COMPETITIVENESS CONSOLIDATION CONSUMERS CONSUMPTION GOODS CONSUMPTION SMOOTHING CORNER SOLUTIONS CORRELATION COEFFICIENTS COVARIANCE MATRIX CURRENCY APPRECIATION DEBT DEFLATION DEPENDENT VARIABLE DEPOSIT DEPOSITS DEPRECIATION DEVALUATION DISPOSABLE INCOMES DOMESTIC CREDIT DOMESTIC CURRENCY DOMESTIC CURRENCY PRICE DOMESTIC DEMAND DOMESTIC ECONOMIC ACTIVITY DOMESTIC ECONOMY DOMESTIC INTEREST RATE DOMESTIC INTEREST RATES DOMESTIC MARKET DUMMY VARIABLE ECONOMETRIC ANALYSIS ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC POLICY ECONOMIES OF SCALE EFFECTIVE EXCHANGE RATES ELASTICITY ELASTICITY OF OUTPUT ENDOGENOUS VARIABLE EQUILIBRIUM EXCESS CAPACITY EXCESS DEMAND EXCHANGE RATE EXCHANGE RATE ANCHOR EXCHANGE RATE CHANNEL EXCHANGE RATE INCREASE EXCHANGE RATE PEG EXCHANGE RATE RISK EXCHANGE RATE SHOCKS EXCHANGE RATE TARGETING EXPECTED VALUE EXPLANATORY VARIABLES EXPORT DIVERSIFICATION EXTERNAL POSITION EXTERNAL SHOCK EXTERNAL SHOCKS FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FISCAL POLICIES FISCAL POLICY FISCAL SHOCK FISCAL SHOCKS FIXED EXCHANGE RATE FIXED EXCHANGE RATE REGIME FIXED EXCHANGE RATE REGIMES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIME FOREIGN CURRENCY FOREIGN INFLATION FOREIGN INTEREST FOREIGN INTEREST RATE FOREIGN REAL INTEREST RATE FUTURE INFLATION GDP GOVERNMENT BONDS GOVERNMENT EXPENDITURES GOVERNMENT INVESTMENT GOVERNMENT POLICIES GOVERNMENT POLICY GOVERNMENT SECURITIES GROWTH POLICIES IMPORT IMPORT DEMAND IMPORTS INDEXATION INDUSTRIAL ECONOMIES INFLATION INFLATION DYNAMICS INFLATION EXPECTATIONS INFLATION TARGETING INFLATION TARGETING REGIMES INSTRUMENT INTEREST PARITY INTEREST RATE INTEREST RATE CHANGES INTEREST RATES INTEREST-RATE INTEREST-RATE DIFFERENTIALS INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL STATISTIC INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL MONEY INVESTMENT CLIMATE INVESTMENT DEMAND LABOR FORCE LABOR MARKETS LIBERALIZATION LIQUIDITY LIQUIDITY CONSTRAINTS LIVING STANDARDS LOCAL CURRENCY MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARGINAL COST MARGINAL COST OF PRODUCTION MARGINAL COSTS MARKET ACCESS MAXIMUM LIKELIHOOD METHOD MONETARY AUTHORITY MONETARY ECONOMICS MONETARY POLICY MONETARY POLICY REGIME MONETARY POLICY REGIMES MONEY MARKET NATIONAL BANK NET EXPORTS NOMINAL ANCHOR NOMINAL EXCHANGE RATE NOMINAL INTEREST RATE NOMINAL WAGES OPEN ECONOMIES OPEN ECONOMY OPTIMIZATION OUTPUT GAP OUTPUT GAPS OUTPUT RESPONSE PER CAPITA INCOMES PHILLIPS CURVE POLITICAL ECONOMY POTENTIAL OUTPUT POVERTY REDUCTION PRICE COMPETITIVENESS PRICE RIGIDITIES PRICE STABILITY PRODUCT MARKETS PROFIT MARGINS PROPERTY RIGHTS RAPID GROWTH RE-EXPORTS REAL EFFECTIVE EXCHANGE RATE REAL EXCHANGE RATE REAL GDP REAL INTEREST REAL INTEREST RATE RELATIVE PRICE RELATIVE PRICES REPO REPO RATE RISK PREMIUM SECTOR REFORMS STANDARD DEVIATION STANDARD DEVIATIONS STEADY STATE STOCK MARKET STOCK MARKET CAPITALIZATION STRUCTURAL REFORMS STRUCTURAL SHOCKS SUPPLY SHOCKS T-BILLS TAX REVENUES TOTAL EXPORTS TRADE INTEGRATION TRADE POLICY TRANSITION ECONOMIES TRANSMISSION MECHANISM TRANSMISSION MECHANISMS UNCERTAINTY UNEMPLOYMENT UNEMPLOYMENT RATE VALUE ADDED WEALTH WEIGHTS ZERO WEIGHT
Online Access:	http://hdl.handle.net/10986/6796

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http://hdl.handle.net/10986/6796

Comparing Constraints to Economic Stabilization in Macedonia and Slovakia : Macro Estimates with Micro Narratives

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