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ABSTRACT
The aim of this paper is to provide insights into the readability, structure, and tone of monetary policy communication in the case of the National Bank of the Republic of North Macedonia (NBRNM), a small and open economy operating under an exchange rate anchor. The results indicate the NBRNM generally communicates with a neutral tone while its communication is complex in terms of syntax and structure. The dominant topic is inflation and financial markets, followed by monetary policy, economic growth, and the foreign exchange market. Further, topic proportions and tone are analyzed in relation to key macroeconomic indicators.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Notes
1. The full IMF Report is available on the IMF website at Republic of North Macedonia: Central Bank Transparency Code Review (imf.org), as well as on the National Bank website.
Additional information
Notes on contributors
Anita Ciunova-Shuleska
Anita Ciunova-Shuleska is a full-time professor at the Faculty of Economics-Skopje, Ss. Cyril and Methodius in Skopje, North Macedonia. She has published articles in well-known marketing journals and presented the research results at home and abroad. Her areas of research interest are consumer behavior and customer experience, focusing on services and new technologies.
Nikolina Palamidovska-Sterjadovska
Nikolina Palamidovska-Sterjadovska is an associate professor at the Faculty of Economics-Skopje, Ss. Cyril and Methodius in Skopje, North Macedonia. She has published in reputable journals indexed in Web of Science and Scopus-ranked journals. Her research interests are consumer behavior, marketing communication, and services marketing in the emerging environment.
Tanja Jakimova
Tanja Jakimova is a senior advisor at the National Bank of the Republic of North Macedonia. She also has some contributions to academic publishing outlets. Exploring the potential of emerging technologies in finance is one of her areas of interest.
Borce Trenovski
Borce Trenovski is an associate professor at the Faculty of Economics-Skopje, Ss. Cyril and Methodius in Skopje, North Macedonia. He is the author of 4 books, published over 140 publications, participated in over 90, research/applied projects, and has had strong academic and research visibility in the country/region in recent years. Dominant scientific/research fields of interest – contemporary macroeconomic theories, economic policy, public finances, public sector economics, economic policy reforms, coordination of fiscal and monetary policy, the efficiency of public financial management, monetary policy and financial markets, fiscal policy and taxation, good governance, fiscal transparency and accountability, local finances, and decentralization, etc.