It was a great surprise to both the Hungarian and the international research community to see how determined and successful were the 2nd and the 3d Orbán-governments in rolling back the results of the post-communist privatizations. In my earlier papers - see Mihályi (2014, 2015a,b) - I showed...

It was a great surprise to both the Hungarian and the international research community to see how determined and successful were the 2nd and the 3d Orbán-governments in rolling back the results of the post-communist privatizations. In my earlier papers – see Mihályi (2014, 2015a,b) – I...

We scrutinise in this paper the systemic consequences of state intervention triggered by external shocks for the dynamics of investment in the transforming Chinese economy. Our analysis focuses on the period before and after the global crisis. We interpret investment dynamics in a comparative...

In December 2016 the National Bank of Hungary (NBH), by referring to its "backcasts" (based on analyses of past data-revisions), arbitrarily revised upwards the data of the Hungarian Statistical Office (HSO) on GDP-growth for the first three quarters of 2016. This "methodological innovation" (as...

The study aims to revisit some of the macroeconomic issues related to Hungary's eurozone-accession. The government postponed euro-adoption until 2020 without any explanation, which is one of the motivations of our analysis. We review the arguments formulated in 2000-2004 regarding the adoption...

The study aims to revisit some of the macroeconomic issues related to Hungary's eurozone-accession. The government postponed euro-adoption until 2020 without any explanation, which is one of the motivations of our analysis. We review the arguments formulated in 2000-2004 regarding the adoption...

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,...

In December 2016 the National Bank of Hungary (NBH), by referring to its "backcasts" (based on analyses of past data-revisions), arbitrarily revised upwards the data of the Hungarian Statistical Office (HSO) on GDP-growth for the first three quarters of 2016. This "methodological innovation" (as...

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,...

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...