In this paper, we examine the cost of insurance against model uncertainty for the Euro area considering four alternative reference models, all of which are used for policy-analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate...

In spite of being mainly concerned with stabilization policies, central banks in many developed countries often advocate the necessity of structural reforms. In turn, demand-side policies - such as monetary policy - can often help improving the political support of reforms (two-handed-approach)....

Simple models of monetary policy often imply optimal policy behavior that is considerably more aggressive than what is commonly observed. This paper argues that such counterfactual implications are due to model restrictions and a failure to account for multiplicative parameter uncertainty,...

Boltszintû árstatisztikai felírások alapján a tanulmány a magyarországi inflációs folyamatok és árazási magatartás jellemzõinek regionális hasonlóságait és eltéréseit vizsgálja. Fõ tanulsága, hogy a hivatalos NUTS-II régiók nem képeznek önálló gazdasági egységeket,...

Hungarian Abstract: A hagyományos közgazdaságtan a reálelemzés keretében érvel, és ez akadálya a valós gazdasági folyamatok megértésének. Schumpeter és Keynes kritizálta ezt a megközelítést és helyette a monetáris elemzést alkalmazta. Ezt az elméleti alapvetést követem,...

The book presents a FOI model analysis of the OECD countries, and highlights some of their possible development paths.

It is well known that the size of the informal (black or grey) economy causes serious fiscal problems for Hungary. This study makes an attempt to quantify the budgetary and macroeconomic effects of different ways of widening the formal sector (whitening”) with the help of a model. It turns out...

We revisit the debt overhang question. We first use non-parametric techniques to isolate a panel of countries on the downward sloping section of a debt Laffer curve. In particular, overhang countries are ones where a threshold level of debt is reached in sample, beyond which (initial) debt ends...

Hungarian Abstract: A szakirodalom nagy része által elfogadott tény, hogy a globalizáció hatással van a jóléti államra. A kormányok kettős szorítással szembesülnek, megnőttek ugyanis a kiadások iránti igények, ugyanakkor a bevételi források lecsökkentek. A globalizáció...

It is well known that the size of the informal (black or grey) economy causes serious fiscal problems for Hungary. This study makes an attempt to quantify the budgetary and macroeconomic effects of different ways of widening the formal sector (whiteningʺ) with the help of a model. It turns out...