Overview of the Macedonian Policy Analysis Model (MAKPAM)

Tibor Hledik (), Sultanija Bojceva-Terzijan (), Biljana Jovanovic () and Rilind Kabashi
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Tibor Hledik: Czech National Bank
Sultanija Bojceva-Terzijan: National Bank of the Republic of Macedonia
Biljana Jovanovic: National Bank of the Republic of Macedonia
Authors registered in the RePEc Author Service: Sultanija Bojcheva-Terzijan () and Biljana Jovanovikj

No 2016-04, Working Papers from National Bank of the Republic of North Macedonia

Abstract: 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 characteristics of the Macedonian economy: a small open economy with a fixed exchange rate regime. This model outlines the transmission mechanism of the monetary policy in the Macedonian economy, and it helps to quantify the reaction of the economy to various shocks. Since 2008, the MAKPAM model has gradually become an important block of the macroeconomic forecasting system of the NBRM. The model is therefore an important analytic tool for supporting the monetary policy decision-making of the NBRM.

Keywords: New Keynesian; forecasting; monetary policy; Macedonia (search for similar items in EconPapers)
JEL-codes: C53 E12 E47 (search for similar items in EconPapers)
Pages: 33
Date: 2016-09
New Economics Papers: this item is included in nep-mac and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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