Tanulmányunkban megkíséreljük összefoglalni a magyarországi monetáris transzmissziós mechanizmusra vonatkozó legfrissebb empirikus eredményeket. Egy, az MNB-ben nemrég befejezett kutatási program keretein belül kilenc dolgozat látott napvilágot. A tanulmányok azokat a...

A 2008-ban kirobbant pénzügyi válság ráirányította a figyelmet a főáramú makroökonómiára, amely a válság előrejelzésében és magyarázatában igen gyenge teljesítményről tett tanúbizonyságot. Az elmúlt másfél-két évtizedben az újklasszikus és az újkeynesi iskola...

The article deals with the main intellectual challenges of developing the theoretical basis and potential instruments that can be used in the analysis of financial stability. It examines the means of detecting systemic risk and describes the difficulties in detecting it. It also presents the...

There is a line of reasoning which argues that the main source of the current financial crisis is the cheap money of the past, which would have caused large global imbalances and another, that I share, is that something wrong has been occurring with overall financial intermediation. The...

We study the evolutions of monetary conditions in Romania previous and during the recession, and the extent to which GDP shocks are related to these conditions. The results confirmed the essential role of interest rate, credit and exchange rate in this respect, fact which underlines the...

When limited commitment hinders unsecured credit, assets help by serving as collateral. We study models where assets differ in pledgability - the extent to which they can be used to secure loans - and hence liquidity. Although many previous analyses of imperfect credit focus on producers, we...

I examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter,...

Recently, convincing evidence has been presented that the recession in the wake of the recent financial crisis resulted primarily from an overly levered housing sector that was forced to deleverage and cut consumption spending when faced with collapsing housing prices. Following this...

Mirar a la economía desde el interés por libertad de los individuos en general Este trabajo evalúa la relevancia del canal del crédito en el mecanismo de transmisión de la política monetaria en el Perú durante el periodo enero 2003-diciembre 2011 utilizando datos mensuales de bancos...

I provide a framework for understanding debt deleveraging in a group of financially integrated countries. During an episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reflecting a high propensity to save. If exchange rates are allowed...