Evaluations of the effects of transmission mechanisms in monetary policy are one of the essential macroeconomic issues. The main objective of this article is to examine the effects monetary policy ...has on the overall economic activity and prices in the Republic of Serbia by using the appropriate theoretical, methodological and empirical frame. Macroeconometric modelling has been carried out by means of the non-recursive SVAR model. The time period ranging from M01 2007 - M12 2015 has been selected as a suitable timeframe. The study has shown that the exchange rate is the most important channel of monetary transmission in Serbia. Also, the study has revealed that the movements and fluctuations in output are highly influenced by money supply. Policy makers should bear in mind the limited impact of exchange rates in the long run. Also, monetary authorities should pay special attention to the interest rate channel, as the main instrument of monetary policy, which has little influence due to the high rate of euroisation of the national economy.
This paper examines normality in time series econometrics for a sustainable energy transition. By analysing data from January 1997 to December 2021, this study integrates macroeconomic, ...environmental, and energy data to gain insights into the potential changes in daily commuting patterns among Slovenians. Various methods, including unit root tests such as the augmented Dickey–Fuller (ADF), Kwiatkowski–Phillips–Schmidt–Shin (KPSS), and Zivot–Andrews (Z-A), as well as other tests, are employed. Additionally, the vector autoregressive (VAR) model, Granger Causality and regression analysis determine the impact. This paper contributes to uncovering valuable information within data from macrovariables using macroeconometric techniques. It also provides insights that can support evidence-based decision-making for sustainable energy transition policies in Slovenia. The results of the normality tests indicate that most macro variables are integrated; there is a need for a careful analysis of integration levels and appropriate testing methods. These findings have implications for policymakers, researchers, and practitioners in economics, the environment, and energy supply. At the same time, this research highlights that gross domestic product, unemployment, inflation, and carbon dioxide positively impact car usage among Slovenians, while gasoline prices and commuters have a negative one. While the recently investigated development of sustainable commuting does not work, the study highlights an innovation: the connection of time series econometrics, which offers a better understanding of future commuting patterns on energy consumption and their causalities.
Unemployment is a key macroeconomic problem in the economy of Serbia, and its reduction or increase in employment is one of the most important objectives confronting policy makers in our country. ...Achieving the above objectives involves the application of adequate employment policies. In addition to passive labour market policies to fight unemployment, an increasingly important role in developing economies get active labour market policies. Since these policies imply a high government expenditure it is important to examine the effects on macroeconomic performance and an increase in employment. The aim of the paper is to, based on the current situation and the measures implemented to labor market define recommendations for policymakers, in order to improve the situation in this market in Serbia.
The main goal of this paper is oriented on examining the potential link between economic growth and health expenditure in the South-Eastern European Health Network (SEEHN) countries over the period ...1995-2014 by applying panel econometrics. The panel co-integration testing approach and panel VECM are used to investigate the long- and short-run causality between the economic growth, health expenditure and life expectancy (trivariate model). The empirical results show that there is a long-run relationship between the observed variables. It was confirmed that health is a luxury good in the long term, while it is a necessity product in the short term. Finally, it should be noted that economic policy in these countries should be directed to the targeted increase in expenditure on health care, in order to increase overall economic activity. Also, the economic policy should be oriented to adequate combination of public and private financing in health care.
Evaluations of the effects of transmission mechanisms in monetary policy are one of the essential macroeconomic issues. The main objective of this article is to examine the effects monetary policy ...has on the overall economic activity and prices in the Republic of Serbia by using the appropriate theoretical, methodological and empirical frame. Macroeconometric modelling has been carried out by means of the non-recursive SVAR model. The time period ranging from M01 2007 – M12 2015 has been selected as a suitable timeframe. The study has shown that the exchange rate is the most important channel of monetary transmission in Serbia. Also, the study has revealed that the movements and fluctuations in output are highly influenced by money supply. Policy makers should bear in mind the limited impact of exchange rates in the long run. Also, monetary authorities should pay special attention to the interest rate channel, as the main instrument of monetary policy, which has little influence due to the high rate of euroisation of the national economy.
This study investigates the relationships among carbon emissions, energy consumption, economic growth, financial development, trade openness, and capital in Argentina from 1971 to 2018. In addition ...to two conventional tests, Zivot-Andrews and Perron-Vogelsang ones have also been used to detect the order of stationarity for the observed variables. There is strong evidence that indicates the presence of a long-term relationship among the variables, when ARDL testing approach with breaks is used. Bayer-Hanck cointegration test confirms our empirical results. The results show a negative and statistically significant impact of financial development on energy consumption, while trade openness and economic growth have a positive effect on energy consumption in the long run. Estimation findings reveal that 1% increase of financial development reduces energy consumption by 0.008%. On the other hand, 1% increase in economic growth raises energy consumption at 0.068% level, respectively. Nevertheless, promoting the role of capital and trade openness can never be left out from the process of development and efficient use of energy. In order to attain sustainable development goals, it is necessary to further develop technologies of efficient energy use in financial development and economic growth in related decisions by policy makers.
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