Anita Angelovska Bezhoska: Speech - National Bank of the Republic of North Macedonia 8th Research Conference Speech by Ms Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of North Macedonia, at the National Bank of the Republic of North Macedonia 8th Research Conference, co-organised with the European Investment Bank, Skopje, 28 April 2022. *** Respectable Minister of Finance, Mr.Besimi, Governors and central bank board members, VP of European Investment Bank, Ms Pavlova VP of European Bank of Reconstruction and Development, Mr.Bowman, Alternate Executive Director of IMF, Mr Dresse, Representatives of IMF, EIB, EBRD and BIS, Representatives of the banking sector, Representatives of academia, Distinguished guests, It is my great pleasure and honour to address you at the opening of the Conference co-organised with the EIB. This conference holds a special meaning for us. It marks three decades of monetary sovereignty, denoted by an independent central bank and stable national currency. It has been a long journey requiring a lot of efforts, knowledge and courage to withstand many turbulences. We have confronted many mountains at the very beginning of the transition in particular. However, as it is said "No matter how high a mountain you think has come in front of you- take small steps every day and you will eventually reach its summit''. Indeed, continuous prudent steps have resulted in a long-lasting delivery of low and stable inflation and exchange rate, as a foundation for the overall macroeconomic stability. Unfortunately, at this very moment we have once again faced new challenges, i.e.
The main questions in the LFS are about employment status: do you have a job and, if not, are you looking for one? (If your answer to the second question is “yes” you are counted as unemployed, if “no”, economically “inactive”.) As well as these headline numbers,  the UK and the terms of trade have been broadly constant in recent years. Thus the only source of real wage growth, over time, is productivity growth. 4  The inverse relationship between the NAIRU and productivity growth has been noted in many countries (Staiger et al (2001), Slacacek (2005)) nor is real wage resistance the only possible reason for the link. More micro-founded approaches to the labour market, based on the costs of job search, also predict a negative relationship between trend productivity growth and the natural rate of unemployment. In that setting, in which employers trade off the cost of search against the prospective surplus from a new job, lower expected growth in productivity reduces the present value of that surplus and lowers the rate of job creation. The canonical description of this “capitalisation” effect is due to Pissarides (2000). BIS central bankers’ speeches  3  the ONS’s monthly labour market release publishes standard summary statistics about the duration of unemployment and the reasons for inactivity. But, at least since 1994, the LFS has also included a host of questions about the characteristics of employees and their jobs. These are listed in Table 1.