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|Title:||The effects of macroeconomic policies under fixed exchange rates: A Bayesian VAR analysis||Authors:||Tevdovski, Dragan
|Keywords:||Fiscal policy, monetary policy, Bayesian VAR||Issue Date:||Jan-2019||Publisher:||Informa UK Limited||Journal:||Economic Research-Ekonomska Istraživanja||Abstract:||We analyse the effects of fiscal and monetary policies in Croatia and Macedonia estimated by a Bayesian vector autoregression (VAR). The main results of the study are as follows. Fiscal tightening leads to economic expansion in Macedonia and a decline in economic activity in Croatia. In both countries fiscal tightening leads to a decline in inflation and money market rates. Monetary tightening leads to output contraction and a decline in inflation in both countries. We find an opposite reaction of the fiscal authorities to a monetary shock, i.e., monetary contraction is accompanied by fiscal tightening in Croatia and by loose fiscal policy in Macedonia.||URI:||http://hdl.handle.net/20.500.12188/6768||DOI:||10.1080/1331677x.2019.1579661|
|Appears in Collections:||Faculty of Economics 03: Journal Articles / Статии во научни списанија|
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