Клучните макроекономски политики во услови на современата економска криза, со посебен осврт на Македонија

Abstract

The end of the twentieth and the beginning of the twenty first century were marked by a general consideration in the economic science (numerous books, papers, public debates, conferences etc.) that there were no serious threats of large economic fluctuations, that the business cycle was ―dead‖, and that the economic policy was able to successfully handle any challenge. However, the contemporary economic crisis spread doubt on those views, thus endangering not only the fundaments of economic policy, but also their theoretical foundation. The global economic crisis actualized the issues and dilemmas concerning the designing of the key macroeconomic policies (fiscal and monetary) – their mutual interactions, as well as their efficiency and effects on the macroeconomic environment. On one side, this crisis was the reason for revealing the limits of monetary policy, their redesigning and implementing a number of unconventional measures. On the other side, it increased the significance and the attention given to expansionary fiscal policies, and their role in stabilizing and stimulating the economic activity. Taking this challenge, the research in the dissertation is focused on economic theory, economic practice and designing economic policy (especially fiscal and monetary policy), in the context of the challenges imposed by the contemporary economic crisis. The main goal of the dissertation is: firstly, to reveal the causes, the transmission and the consequences of the global economic crisis, and secondly, to offer lessons for designing optimal macroeconomic policies that will answer successfully similar challenges in the future (USA, EU, developing countries). A special attention is given to the transmission of the global economic crisis, the economic policies’ response, their interactions and efficiency in the Republic of Macedonia, in order to provide concrete recommendations for creation of optimal macroeconomic policies in the future.