Current research

How does inflation redistribute income?

Published papers

When is there a Kuznets curve?, forthcoming in Economic Systems

Ease of Doing Business and FDI in the Ex-Socialist Countries, co-authored with Biljana Jovanovic, International Economics and Economic Policy, (2017), 1-41, DOI: 10.1007/s10368-017-0377-3

“Tariff-induced (de)industrialization: An empirical analysis”, with Marjan Petreski and Igor Velickovski, Comparative Economic Studies (2017), Volume 59, Issue 3, pp 345–381

Growth Forecast Errors and Government Investment and Consumption Multipliers, International Review of Applied Economics (2016), DOI: 10.1080/02692171.2016.1221390

Post-Crisis Credit Slowdown in South-East Europe – Return to Normality?, co-authored with Ljupka Georgievska and Egzona Hani, Empirica (2016), DOI: 10.1007/s10663-016-9338-2

Monetary policy, exchange rates and labor unions in SEE and CIS during the financial crisis (with Marjan Petreski), Economic Systems (2014), Volume 38, Issue 3, September 2014, Pages 309-332

Monetary Policy in China: the role of the qualitative instruments (with Marjan Petreski), Transition Studies Review, vol. 20 (3), November 2011, pp. 437-442

Monetary Policy in Small Open Economy with Fixed Exchange Rate: The Case of Macedonia (with Petreski Marjan), Economic Systems, Elsevier, vol. 36(4), December 2012, pages 594-608

Recent Developments in House Prices in Macedonia, Paper presented during the National Bank of Poland Workshop: Recent trends in the real estate market and its analysis, 2013 (pages 157-172 in the publication; the whole publication is 28 MB).

Did the Crisis Change in All Evidence from Monetary and Fiscal Policy (with Ana Mitreska, Maja Kadievska-Vojnovic, Ljupka Georgievska and Marija Petkovska), in Ardian Fullani, “Economic Policies in SEE – Design, Performance and Challenges”, Bank of Albania, 2010

Should the Macedonian denar be devalued? Some evidence from the trade equations, South-East Europe Review for Labour and Social Affairs 03/2009

Chapters in edited volumes

The Macedonian economy and the European Union, co-authored with Igor Velickovski and Marjan Petreski, in ed. Bruglio, Lino (2016), “Small States and the European Union – Economic Perspectives”, Routledge 

Petreski, M. and Jovanovic, B. (forthcoming 2016) “Do Remittances Reduce Poverty and Inequality in the Western Balkans? Evidence from Macedonia?”, co-authored with Marjan Petreski, in eds.  Dahinden, J., Efendic, A. and Zbinden, M (2016), “Diversity of Migration in South East Europe. Fribourg”, RRPP Joint Volume.


“Remittances and Development in the Western Balkans: the cases of Macedonia, Kosovo and Bosnia and Herzegovina”, Scholars’ Press, 2013. Co-authored with Marjan Petreski, Despina Petreska, Ljupco Efremov, Sokol Havolli, Arben Mustafa, Nermin Oruc, Senada Smajic and Lejla Kamenjas

(Available to buy here)

Papers submitted to journals

Do remittances reduce poverty in Macedonia? (with Marjan Petreski)

“Kalman Filter Estimation of the Unrecorded Economy in Macedonia”, National Bank of the Republic of Macedonia Reseach Paper 2015

Can Monetary Policy Affect Economic Activity under Surplus Liquidity? Some Evidence from Macedonia, with Aneta Krstevska and Neda Popovska-Kamnar, National Bank of the Republic of Macedonia Research Paper 2015

Tariff-induced (de)industrialization: An empirical analysis, with Marjan Petreski and Igor Velickovski, FREIT Working Paper 972 (2015)

Older working papers and research

Sustainability of the Macedonian current account (with Danica Unevska), National Bank of the Republic of Macedonia Working Paper, June 2011

Forecasting Macedonian GDP: Evaluation of different models for short-term forecasting (with Magdalena Petrovska), National Bank of the Republic of Macedonia Working Paper, August 2010

Real Estate Prices in the Republic of Macedonia (with Biljana Davidovska-Stojanova, Maja Kadievska-Vojnovic, Magdalena Petrovska and Gani Ramadani), National Bank of the Republic of Macedonia Working Paper, August 2008

Keynesian Macroeconomic Model of the Republic of Macedonia: Economic Theory and Behavioural Equations (with Marjan Petreski), Bulletin of the Ministry of Finance of the Republic of Macedonia, 9-10 / 2008

Calculating the Fundamental Equilibrium Exchange Rate of the Macedonian denar, unpublished master’s thesis at the Staffordshire University, UK, February 2007

Papers left behind, which I’m intending to revisit one day. If you want to collaborate on some of them, drop me a line.

The Top 10 Percent After the Global Financial Crisis

How Policy Actions Affect Short-Term Post-Crisis Recovery? (CEIS Working Paper No. 253)

Do Credit Markets Like Austerity? (with Gerardo Manzo)

Aggregation Bias in Trade Elasticities: The Case of Macedonia