23 April 2015, Skopje

4th Research Conference "Addressing Structural Rigidities in View of Monetary Policy Transmission Effectiveness"

Program                                                                                          Print version of Program

Venue: Alexandar Palace Hotel

23 April 2015 (Thursday)


9.00     Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, Opening speech

9.10-11.00     Session I: Keynote lecture and high level policy discussion panel
9.10     Miroslav Singer, Governor of the Czech National Bank, Keynote lecture (presentation PDF)
Chair: Aleksandar Stojkov, Council member, NBRM 
9.40     Boris Vujčić, Governor of the Croatian National Bank, Discussant
9.50     Panel discussion: Miroslav Singer, Boris Vujčić, Dimitar Bogov

10.40     Questions from the audience

10.55     Announcement of the Annual Award of the NBRM for the best paper in macroeconomics and banking by a young researcher

11.00     Coffee break

11.30 - 13.00     Session II: Structural rigidities, growth and monetary policy
Chair: Vladimir Filipovski, Faculty of Economics, Skopje 
11.30     Balázs Égert, OECD, Structural Policies and Economic Growth: the Impact Product and Labour Market Policies on MFP, Investment and Labour Market Outcomes (presentation PDF)
11.50     Hülya Saygili, Central Bank of the Republic of Turkey, Trade in Goods, Globalization in Production Structure and Inflationary Dynamics: Cross Country Evidence (presentation PDF)
12.10     Magdalena Petrovska, NBRM, Florian Huber, OeNB, Price and Wage Rigidities in the Republic of Macedonia: Survey Evidence from Micro-Level Data (presentation PDF)
12.30     Altin Tanku, Bank of Albania, Discussant (presentation PDF)

12.45     Discussion

13.00     Lunch

14.00 - 15.30     Session III: The changing nature of the monetary policy transmission mechanism
Chair: Ana Mitreska, Director of the Monetary Policy and Research Department, NBRM
14.00     Yannick Lucotte, ESG Management School, France, Mr. Grégory LevieugeMr. Sebastien Ringuedé, Central Bank Credibility and the Expectation Channel: Evidence Based on a New Credibility Index (presentation PDF)
14.20     Utku ÖzmenMr. Çağrı Sarikaya, Central Bank of the Republic of Turkey, Sensitivity of Inflation to Demand Conditions in Turkey: Determining CPI Items Responding to Output Gap and Credits (presentation PDF)
14.40     Lenarčič Črt, Bank of Slovenia, Is There a Harrod-Balassa-Samuelson Effect Present in the Data? New Quarterly Panel Data Evidence from 25 European Countries (presentation PDF)
15.00     Marjan Petreski, University American College Skopje, Discussant (presentation PDF)

15.15     Discussion

15.30     Coffee break

15.45 - 17.00     Session IV: Structural features of the financial system
Chair: Aneta Krstevska, Chief Economist, NBRM
15.45     Mirna DumičićIgor Ljubaj, Croatian National Bank, Forensic Analysis of Credit Activity in Croatia (presentation PDF)
16.05     Branislav Saxa, Czech National Bank, Forecasting Mortgages: Internet Search Data as a Proxy for Mortgage Credit Demand (presentation PDF)
16.25     Alessio Ciarlone, European Central Bank, Discussant (presentation PDF)

16.45     Discussion