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Nominal effective exchange rate neutrality: the case of Macedonia


  • Josheski, Dushko
  • Lazarov, Darko


This paper uses quarterly data on Macedonian nominal effective exchange rate for the time period 1992 to 2009 along with six other variables to investigate the nominal effective exchange rate neutrality. SVAR and Impulse response functions had been used to prove the hypothesis. Empirical evidence in this paper supports the nominal exchange rate neutrality in the case of Macedonia.

Suggested Citation

  • Josheski, Dushko & Lazarov, Darko, 2012. "Nominal effective exchange rate neutrality: the case of Macedonia," MPRA Paper 37994, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:37994

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    References listed on IDEAS

    1. Amir Hadziomeragic & Malgorzata Jakubiak & Nermin Oruc & Wojciech Paczynski, 2007. "Regional Free Trade Agreements of Bosnia and Herzegovina: analysis and policy recommendations," CASE Network Reports 0069, CASE-Center for Social and Economic Research.
    2. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
    3. Baxter, Marianne & Stockman, Alan C., 1989. "Business cycles and the exchange-rate regime : Some international evidence," Journal of Monetary Economics, Elsevier, vol. 23(3), pages 377-400, May.
    4. Predrag Bjelić & Danijela Jaćimović & Ivan Tašić, 2013. "Effects Of The World Economic Crisis On Exports In The Ceec: Focus On The Western Balkans," Economic Annals, Faculty of Economics, University of Belgrade, vol. 58(196), pages 71-98, January –.
    5. Caporale, Guglielmo Maria & Pittis, Nikitas, 1995. "Nominal exchange rate regimes and the stochastic behavior of real variables," Journal of International Money and Finance, Elsevier, vol. 14(3), pages 395-415, June.
    6. Geweke, John F, 1986. "The Superneutrality of Money in the United States: An Interpretation of the Evidence," Econometrica, Econometric Society, vol. 54(1), pages 1-21, January.
    7. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    8. Fisher, Mark E & Seater, John J, 1993. "Long-Run Neutrality and Superneutrality in an ARIMA Framework," American Economic Review, American Economic Association, vol. 83(3), pages 402-415, June.
    9. Ljiljana Pjerotić, 2008. "Trade Liberalization in the South East Europe Effects and Controversial Issues," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(4), pages 497-522, December.
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    More about this item


    NEER; SVAR; Impulse response functions;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange

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