The subject of this paper is the evaluation of monetary policy reaction function on panel data of 37 world economies, both advanced and emerging markets, during the period of 1995Q1 – 2018Q3. The paper aims to evaluate the role and importance of the exchange rate in monetary policy reaction function depending on the level of economic development. For this purpose, a relevant set of unbalanced panel data was formed with a balanced relationship between developed and emerging market economies. The methodology of empirical research is based on the econometric assessment of monetary policy reaction function within which the central bank adjusts its key policy rate to the dynamics of inflation, output gap and fluctuations of the real effective exchange rate. The research results confirm the hypothesis that the exchange rate represents a statistically significant variable only in the monetary policy reaction function of emerging market economies. In contrast, adequate specification of developed economies’ monetary policy rule includes only standard macroeconomic fundamentals – inflation and output gap.
The high rate of youth unemployment is an issue that is largely present in developing countries, such as Serbia. The results of the research will provide a major contribution whether education has an impact on the labour market among young people in Serbia. Decision tree was performed to identify impact constructs. In order to define public policies, an insight is provided into the characteristics of young people that largely contribute to the probability of being employed. The results showed that education has an impact on youth unemployment. Results of the research will be useful for decision makers in the implementation of a strategic model of the labour market. Theoretical and practical implications are discussed in the paper.
The Covid-19 pandemic has caused issues and significant challenges in all spheres of business activities. Digital marketing is no exception, which, although based on the application of information technologies and thereby its functioning was not vitally jeopardized, has undergone significant transformations. Accordingly, the aim of this paper is to identify keyt rendsin digital marketing that have arisen as a consequence of the global pandemic outburst. The paper analyzes the economic aspect, i.e. the impact of the pandemic on the growth of digital marketing observed through the total spending on digital advertising at the level of 28 European countries. Moreover, the aspect of adapting marketing communication to the new phenomena in society, such as living and working at home and rising isolation due to social distancing measures, was also observed. The results of the research contribute to the growing body of literature in the field of digital marketing by providing a systematic overview of the changes that have occurred, as well as development trends that are anticipated for the future period.
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