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, typically in the hands of monetary policy, is not...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C]
World Bank
2008
|
| Schriftenreihe: | Policy research working paper
4691 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "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, typically in the hands of monetary policy, is not only determined by a suitable choice of the nominal anchor, which shapes the reaction function of monetary policy, but also the constraints within which the monetary policy strives to achieve its objectives. The key attributes of the constraints to macroeconomic stabilization are economic rigidities and structural shocks. By benchmarking the estimated economic rigidities and structural shocks faced by Macedonia to those faced by Slovakia, the authors find that Macedonia has relatively weaker transmission mechanisms of monetary policy, higher output rigidity, and a lower exchange rate pass-through, and faces larger external shocks. For Macedonia, these relatively higher constraints on monetary policy together with the chosen exchange rate anchor result in greater output and inflation volatility relative to Slovakia. Hence, it appears that small, open economies with stronger economic rigidities should apply monetary policy regimes that allow for more flexible adjustments in external relative prices to enhance their macroeconomic stability. "--World Bank web site |
| Beschreibung: | Includes bibliographical references. - Title from PDF file as viewed on 5/20/2009 Erscheinungsjahr in Vorlageform:[2008] Weitere Ausgabe: Melecky, Martin : Comparing constraints to economic stabilization in Macedonia and Slovakia |
| Beschreibung: | 1 Online-Ressource (34 Seiten) |
Internformat
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV040619295 | ||
| 003 | DE-604 | ||
| 005 | 20241128 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 121206s2008 xxu o|||| 00||| eng d | ||
| 035 | |a (ZDB-1-WBA)09323242X | ||
| 035 | |a (OCoLC)874238363 | ||
| 035 | |a (DE-599)GBVNLM005468574 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-12 |a DE-1102 |a DE-1051 |a DE-521 |a DE-863 |a DE-862 |a DE-522 |a DE-858 |a DE-573 |a DE-860 |a DE-1046 |a DE-1047 |a DE-Aug4 |a DE-2070s |a DE-M347 |a DE-1049 |a DE-898 |a DE-128 |a DE-M352 |a DE-70 |a DE-92 |a DE-150 |a DE-155 |a DE-22 |a DE-91 |a DE-384 |a DE-473 |a DE-19 |a DE-739 |a DE-20 |a DE-703 |a DE-706 |a DE-355 |a DE-29 |a DE-859 |a DE-Re13 |a DE-523 | ||
| 050 | 0 | |a HG3881.5.W57 | |
| 100 | 1 | |a Melecký, Martin |e Verfasser |0 (DE-588)17191600X |4 aut | |
| 245 | 1 | 0 | |a Comparing constraints to economic stabilization in Macedonia and Slovakia |b macro estimates with micro narratives |c Martin Melecky, Evgenij Najdov |
| 264 | 1 | |a [Washington, D.C] |b World Bank |c 2008 | |
| 300 | |a 1 Online-Ressource (34 Seiten) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a Policy research working paper |v 4691 | |
| 500 | |a Includes bibliographical references. - Title from PDF file as viewed on 5/20/2009 | ||
| 500 | |a Erscheinungsjahr in Vorlageform:[2008] | ||
| 500 | |a Weitere Ausgabe: Melecky, Martin : Comparing constraints to economic stabilization in Macedonia and Slovakia | ||
| 520 | 1 | |a "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, typically in the hands of monetary policy, is not only determined by a suitable choice of the nominal anchor, which shapes the reaction function of monetary policy, but also the constraints within which the monetary policy strives to achieve its objectives. The key attributes of the constraints to macroeconomic stabilization are economic rigidities and structural shocks. By benchmarking the estimated economic rigidities and structural shocks faced by Macedonia to those faced by Slovakia, the authors find that Macedonia has relatively weaker transmission mechanisms of monetary policy, higher output rigidity, and a lower exchange rate pass-through, and faces larger external shocks. For Macedonia, these relatively higher constraints on monetary policy together with the chosen exchange rate anchor result in greater output and inflation volatility relative to Slovakia. Hence, it appears that small, open economies with stronger economic rigidities should apply monetary policy regimes that allow for more flexible adjustments in external relative prices to enhance their macroeconomic stability. "--World Bank web site | |
| 534 | |c 2008 | ||
| 650 | 4 | |a Wirtschaftspolitik | |
| 651 | 4 | |a Macedonia |x Economic policy | |
| 651 | 4 | |a Slovakia |x Economic policy | |
| 653 | |a Economic stabilization |a Macedonia | ||
| 653 | |a Economic stabilization |a Slovakia | ||
| 700 | 1 | |a Najdov, Evgenij |e Sonstige |4 oth | |
| 710 | 2 | |a World Bank |e Sonstige |4 oth | |
| 776 | 0 | 8 | |i Reproduktion von |a Melecky, Martin |t Comparing constraints to economic stabilization in Macedonia and Slovakia |d 2008 |
| 856 | 4 | 0 | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4691 |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-025446794 | |
Datensatz im Suchindex
| DE-BY-FWS_katkey | 462004 |
|---|---|
| _version_ | 1819651960587943936 |
| adam_text | |
| any_adam_object | |
| author | Melecký, Martin |
| author_GND | (DE-588)17191600X |
| author_facet | Melecký, Martin |
| author_role | aut |
| author_sort | Melecký, Martin |
| author_variant | m m mm |
| building | Verbundindex |
| bvnumber | BV040619295 |
| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
| callnumber-raw | HG3881.5.W57 |
| callnumber-search | HG3881.5.W57 |
| callnumber-sort | HG 43881.5 W57 |
| callnumber-subject | HG - Finance |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)09323242X (OCoLC)874238363 (DE-599)GBVNLM005468574 |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000 cb4500</leader><controlfield tag="001">BV040619295</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20241128</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">121206s2008 xxu o|||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)09323242X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)874238363</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM005468574</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-1102</subfield><subfield code="a">DE-1051</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-863</subfield><subfield code="a">DE-862</subfield><subfield code="a">DE-522</subfield><subfield code="a">DE-858</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-860</subfield><subfield code="a">DE-1046</subfield><subfield code="a">DE-1047</subfield><subfield code="a">DE-Aug4</subfield><subfield code="a">DE-2070s</subfield><subfield code="a">DE-M347</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-898</subfield><subfield code="a">DE-128</subfield><subfield code="a">DE-M352</subfield><subfield code="a">DE-70</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-150</subfield><subfield code="a">DE-155</subfield><subfield code="a">DE-22</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-859</subfield><subfield code="a">DE-Re13</subfield><subfield code="a">DE-523</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG3881.5.W57</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Melecký, Martin</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)17191600X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Comparing constraints to economic stabilization in Macedonia and Slovakia</subfield><subfield code="b">macro estimates with micro narratives</subfield><subfield code="c">Martin Melecky, Evgenij Najdov</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">[Washington, D.C]</subfield><subfield code="b">World Bank</subfield><subfield code="c">2008</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (34 Seiten)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">Policy research working paper</subfield><subfield code="v">4691</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references. - Title from PDF file as viewed on 5/20/2009</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Erscheinungsjahr in Vorlageform:[2008]</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Weitere Ausgabe: Melecky, Martin : Comparing constraints to economic stabilization in Macedonia and Slovakia</subfield></datafield><datafield tag="520" ind1="1" ind2=" "><subfield code="a">"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, typically in the hands of monetary policy, is not only determined by a suitable choice of the nominal anchor, which shapes the reaction function of monetary policy, but also the constraints within which the monetary policy strives to achieve its objectives. The key attributes of the constraints to macroeconomic stabilization are economic rigidities and structural shocks. By benchmarking the estimated economic rigidities and structural shocks faced by Macedonia to those faced by Slovakia, the authors find that Macedonia has relatively weaker transmission mechanisms of monetary policy, higher output rigidity, and a lower exchange rate pass-through, and faces larger external shocks. For Macedonia, these relatively higher constraints on monetary policy together with the chosen exchange rate anchor result in greater output and inflation volatility relative to Slovakia. Hence, it appears that small, open economies with stronger economic rigidities should apply monetary policy regimes that allow for more flexible adjustments in external relative prices to enhance their macroeconomic stability. "--World Bank web site</subfield></datafield><datafield tag="534" ind1=" " ind2=" "><subfield code="c">2008</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Wirtschaftspolitik</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">Macedonia</subfield><subfield code="x">Economic policy</subfield></datafield><datafield tag="651" ind1=" " ind2="4"><subfield code="a">Slovakia</subfield><subfield code="x">Economic policy</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Economic stabilization</subfield><subfield code="a">Macedonia</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Economic stabilization</subfield><subfield code="a">Slovakia</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Najdov, Evgenij</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="710" ind1="2" ind2=" "><subfield code="a">World Bank</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Reproduktion von</subfield><subfield code="a">Melecky, Martin</subfield><subfield code="t">Comparing constraints to economic stabilization in Macedonia and Slovakia</subfield><subfield code="d">2008</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4691</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-025446794</subfield></datafield></record></collection> |
| geographic | Macedonia Economic policy Slovakia Economic policy |
| geographic_facet | Macedonia Economic policy Slovakia Economic policy |
| id | DE-604.BV040619295 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-28T04:08:59Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025446794 |
| oclc_num | 874238363 |
| open_access_boolean | |
| owner | DE-12 DE-1102 DE-1051 DE-521 DE-863 DE-BY-FWS DE-862 DE-BY-FWS DE-522 DE-858 DE-573 DE-860 DE-1046 DE-1047 DE-Aug4 DE-2070s DE-M347 DE-1049 DE-898 DE-BY-UBR DE-128 DE-M352 DE-70 DE-92 DE-150 DE-155 DE-BY-UBR DE-22 DE-BY-UBG DE-91 DE-BY-TUM DE-384 DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-739 DE-20 DE-703 DE-706 DE-355 DE-BY-UBR DE-29 DE-859 DE-Re13 DE-BY-UBR DE-523 |
| owner_facet | DE-12 DE-1102 DE-1051 DE-521 DE-863 DE-BY-FWS DE-862 DE-BY-FWS DE-522 DE-858 DE-573 DE-860 DE-1046 DE-1047 DE-Aug4 DE-2070s DE-M347 DE-1049 DE-898 DE-BY-UBR DE-128 DE-M352 DE-70 DE-92 DE-150 DE-155 DE-BY-UBR DE-22 DE-BY-UBG DE-91 DE-BY-TUM DE-384 DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-739 DE-20 DE-703 DE-706 DE-355 DE-BY-UBR DE-29 DE-859 DE-Re13 DE-BY-UBR DE-523 |
| physical | 1 Online-Ressource (34 Seiten) |
| psigel | ZDB-1-WBA |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | World Bank |
| record_format | marc |
| series2 | Policy research working paper |
| spellingShingle | Melecký, Martin Comparing constraints to economic stabilization in Macedonia and Slovakia macro estimates with micro narratives Wirtschaftspolitik |
| title | Comparing constraints to economic stabilization in Macedonia and Slovakia macro estimates with micro narratives |
| title_auth | Comparing constraints to economic stabilization in Macedonia and Slovakia macro estimates with micro narratives |
| title_exact_search | Comparing constraints to economic stabilization in Macedonia and Slovakia macro estimates with micro narratives |
| title_full | Comparing constraints to economic stabilization in Macedonia and Slovakia macro estimates with micro narratives Martin Melecky, Evgenij Najdov |
| title_fullStr | Comparing constraints to economic stabilization in Macedonia and Slovakia macro estimates with micro narratives Martin Melecky, Evgenij Najdov |
| title_full_unstemmed | Comparing constraints to economic stabilization in Macedonia and Slovakia macro estimates with micro narratives Martin Melecky, Evgenij Najdov |
| title_short | Comparing constraints to economic stabilization in Macedonia and Slovakia |
| title_sort | comparing constraints to economic stabilization in macedonia and slovakia macro estimates with micro narratives |
| title_sub | macro estimates with micro narratives |
| topic | Wirtschaftspolitik |
| topic_facet | Wirtschaftspolitik Macedonia Economic policy Slovakia Economic policy |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4691 |
| work_keys_str_mv | AT meleckymartin comparingconstraintstoeconomicstabilizationinmacedoniaandslovakiamacroestimateswithmicronarratives AT najdovevgenij comparingconstraintstoeconomicstabilizationinmacedoniaandslovakiamacroestimateswithmicronarratives AT worldbank comparingconstraintstoeconomicstabilizationinmacedoniaandslovakiamacroestimateswithmicronarratives |