A magyar monetáris politika elmúlt évtizedét makroökonómia-tankönyvi modell keretében értékeljük, függetlenül a gazdaságpolitikai feltételek és a politikai hatások változásától. A monetáris politikát a gazdaságpolitika kulcselemeként értelmezzük, amelynek célja a...

Empirical evidence linking monetary aggregates to variables such as inflation and economic growth has weakened over the past two decades. In this study we re-examine these relationships by creating composite monetary aggregates that switch among existing monetary aggregates, using quarterly data...

Empirical evidence concerning the link between monetary aggregates and inflation or GDP growth has been underemphasized in recent years. This paper re-examines existing simple sum and creates composite monetary aggregates a la Feldstein and Stock (1996) in the Canadian context over the 1971-99...

This paper considers the role of the monetary conditions index as a tool to coomunicate the stance of monetary policy. The MCI is a linear combination of interest rate and exchange rate changes. Canada and New Zeland are pioneers in its usage. While the MCI was intended to increase monetary...

Central Bank Digital Currency (CBDC) has attracted considerable interest and its deployment on a global scale is imminent. However, digital currencies face several challenges. They include: legal, technological, and political considerations. We summarize those challenges and add a few more that...

Central Bank Digital Currency (CBDC) has become a major policy interest among global central banks. However, its introduction faces many challenges including those that are legal, technological and political in nature. In this paper, we summarize those challenges and add a few more that have not...

The degree to which explicit inflation targets contribute to the success of price stabilization policies has not been conclusively established. To assess the impact of announced inflation targets on the effectiveness of monetary policy, we construct indicators of inflation pressure that allow us...

We combine modern methods from Speech Emotion Recognition and Natural Language Processing with high-frequency financial data to analyze how the vocal emotions and language of ECB President Mario Draghi affect the yield curve of major euro area economies. Vocal emotions significantly impact the...

Doubts continue to be expressed about the net benefits of announcing an explicit inflation objective versus a more balanced set of goals that include an overt concern over real economic developments. This is true even if major central banks that do not explicitly target inflation (e.g., the US...

Speculation about the consequences of a break-up of the eurozone, a worsening sovereign debt crisis or a prolonged recession in the European Union have all in recent years made the headlines. At first glance, the effect that such events might have on the Canadian macroeconomy might appear small....