This paper presents a Generalized Method of Moments algorithm for estimating the structural parameters of a macroeconomic model subject to the restriction that the coefficients of the monetary policy rule minimize the central bank's expected loss function. The algorithm combines least-squares...

This paper argues that serious fiscal vulnerabilities arising from many years of high government debt will create new and complex interactions between public debt management (PDM) and monetary policy (MP). The paper notes that, although their formal mandates have not changed, recent balance...

The aim of this article is to estimate the mutual interaction of monetary and fiscal policy in the Visegrad Group countries, i.e. in the Czech Republic, Slovakia, Poland, and Hungary. The relations between monetary and fiscal policy - its coordination, cooperation or mutual antagonism - are...

In the new Keynesian model of endogenous stabilization governments have objectives with respect to macroeconomic performance, but are constrained by an augmented Phillips curve. Because they react more quickly to inflation shocks than private agents, governments can lean against the...

The paper analyses the medium-term objectives (MTOs) recently adopted by the EU Member States as a reference for the multilateral budgetary surveillance, assessing the ability of the new MTOs to promote long-term fiscal sustainability. The paper calibrates the (yet undisclosed) algorithm for...

We study a model where two parties, one from the left and one from the right, compete for position. The election is to be held in the near future and the outcome is uncertain. Prior to the election, the members of both parties nominate their prime ministerial candidates. Investors care about the...

In the new Keynesian model of endogenous stabilization governments have objectives with respect to macroeconomic performance, but are constrained by an augmented Phillips curve. Because they react quickly to inflation shocks, governments can lean against the macroeconomic wind. We develop an...

A piaci rendszerbe való átmenet hosszadalmas folyamat, amely a gazdasági tevékenységek széles skáláját foglalja magában. A piacgazdaságban nem csupán liberális szabályozásra és magántulajdonra van szükség, hanem megfelelő intézményekre is. Emiatt az átalakulás csak...

A tanulmány a közép-kelet-európai átmenet néhány sajátos tünetét elemzi. A térség volt szocialista országait általánosan jellemzi, hogy viszonylag fejlett nem piaci szektort örököltek az állami tulajdonon alapuló gazdálkodás korából, illetve esetleg még az azt megelőző...

A tanulmány a rendszerváltozás közgazdasági értelmezhetőségének lehetőségeit és korlátait elemzi. Az első rész az elmúlt évek néhány elméleti fejleményét tekinti át, a második a rendszerváltozási irodalom újdonságaiból emel ki néhányat, a harmadik pedig az...