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Investment Behavior, User Cost and Monetary Policy Transmission - the Case of Hungary

Kátay, Gábor; Wolf, Zoltán - Magyar Nemzeti Bank (MNB) - 2004

In this paper we investigate corporate investment behavior using a large panel of Hungarian firms between 1993 and 2002. The standard neoclassifical framework is used to derive empirically feasible specifications, however, several other issues beyond the scope of the framework are also...

Persistent link: https://www.econbiz.de/10005146775

Which Aspects of Central Bank Transparency Matter? Constructing a Weighted Transparency Index

Csávás, Csaba; Erhart, Szilárd; Felcser, Dániel; … - Magyar Nemzeti Bank (MNB) - 2012

In this paper we investigate the effect of central bank transparency on survey forecasts. Similar to Ehrmann et al. (2010), we find that greater transparency can reduce the degree of disagreement across individual forecasters and it can also improve the forecasting performance of survey...

Persistent link: https://www.econbiz.de/10010854256

An estimated DSGE model of the Hungarian economy

Jakab, Zoltán M.; Világi, Balázs - Magyar Nemzeti Bank (MNB) - 2008

This paper presents and estimates a dynamic stochastic general equilibrium (DSGE) small-open-economy model for the Hungarian economy. The model features different types of frictions, real and nominal rigidities which are necessary to replicate the empirical persistence of Hungarian data....

Persistent link: https://www.econbiz.de/10005357944

Optimal monetary policy committee size: Theory and cross country evidence

Erhart, Szilárd; Vasquez-Paz, Jose-Luis - Magyar Nemzeti Bank (MNB) - 2007

research and published on the web. The MPC size of large monetary zones (EMU, USA, Japan) is close to the estimated optimal …

Persistent link: https://www.econbiz.de/10005357946

Optimality criteria of hybrid inflation-price level targeting

Bokor, László - Magyar Nemzeti Bank (MNB) - 2010

This paper provides a sensitivity analysis of the relative performance of inflation targeting, price level targeting, and hybrid targeting, the combination of these two. A simple, three-period, steady state to steady state economy is presented, where monetary policy is facing various sets of...

Persistent link: https://www.econbiz.de/10008694355

Foreign currency borrowing of households in new EU member states

Csajbók, Attila; Hudecz, András; Tamási, Bálint - Magyar Nemzeti Bank (MNB) - 2010

The post-Lehman phase of the financial crisis has exposed a number of weaknesses in the banking sectors of the European Union’s New Member States (NMSs). One of these is the prevalence of lending in foreign currency. While banks themselves in these countries have not taken on sizeable currency...

Persistent link: https://www.econbiz.de/10008673507

Operational Disruption and the Hungarian Real Time Gross Settlement System (VIBER)

Lublóy, Ágnes; Tanai, Eszter - Magyar Nemzeti Bank (MNB) - 2008

Central bankers wish to ensure worldwide that large-value transfer systems, as a component of the key market infrastructure, exhibit sufficiently robust levels of operational resilience. We focus on the operational resilience of the Hungarian real time gross settlement system, known as VIBER....

Persistent link: https://www.econbiz.de/10005562376

Adjustment of global imbalances: Illustrative scenarios for Hungary

Hornok, Cecília; Jakab, Zoltán M.; Tóth, Máté Barnabás - Magyar Nemzeti Bank (MNB) - 2006

In this study we examine the impact on Hungary of a possible correction of global imbalances. We distinguished four different channels of the global adjustment process, which are widely referred to in the literature (fiscal tightening in the U.S.; housing price correction in the US; an increase...

Persistent link: https://www.econbiz.de/10005562381

Business Cycle Synchronisation in the Enlarged EU: Comovements in the New and Old Members

Darvas, Zsolt; Szapáry, György - Magyar Nemzeti Bank (MNB) - 2004

business cycles between the EMU and eight new EU members from Central and Eastern European countries (CEECs), for which the … next step to be considered in the integration process is entry into the EMU. In contrast to the usually analyzed GDP and … of synchronization with the EMU for GDP, industrial production and exports, but not for consumption and services. The …

Persistent link: https://www.econbiz.de/10005562437

Repo Markets - Experiences and opportunities in Hungary

Szakály, Dániel; Tóth, Henrik - Magyar Nemzeti Bank (MNB) - 1996

More and more questions have arisen recently in the National Bank of Hungary about repo markets. The topic came into the lime light with the latest changes of monetary policy instruments. In addition, speculative activity on repo markets has given rise to some interesting questions. We have...

Persistent link: https://www.econbiz.de/10005146758