Abstract
The successful implementation of the monetary policy in practice to a large extent depends on the understanding of the functioning of the transmission mechanism of the monetary policy – the channels by which the monetary impulses are transmitted through the economy. In this paper, an analysis of the effectiveness of the different transmission channels of the monetary policy in the Republic of Macedonia is presented, to see the eventual changes during the transition period. The results from the empirical analysis have not only confirmed the importance of the exchange rate channel, but also some improvements in the other monetary policy transmission channels.
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