E cikkben az inflációs cél követésének rendszere mögötti közgazdasági elgondolást, illetve a magyarországi gyakorlat főbb gazdaságpolitikai tapasztalatait összegezzük. Először röviden bemutatjuk azt a modellkeretet, ami megítélésünk szerint leginkább tükröz a mai...

The recent rise of the public debt limits governments’ room for manoeuvre in terms of economic policy and it seems urgent to try to slow down its progression. This paper shows that even if financial repression appears as an appealing solution for the so called peripheral countries of the euro...

Each monetary strategy with its targeting has its strengths and disadvantages. However, exchange rate targeting can be very useful especially at the beginning of transition process as it helps to stabilise inflation. We try to evaluate effectiveness of exchange rate targeting in the Slovak...

We provide new evidence on the response of real interest rates and inflation to monetary shocks. Our measure of monetary policy shocks is based on unexpected changes in interest rates over a 30-minute window surrounding scheduled Federal Reserve announcements. Our estimates indicate that nominal...

We investigate the updating behavior of individual consumers regarding their short- and long-run inflation expectations. Utilizing the University of Michigan Survey of Consumer's rotating panel microstructure, we can identify whether individuals adjust their inflation expectations over a period...

The effects of different institutional arrangements for the central bank are examined in the presence of economic shocks and uncertainty about the central banker's and the medianvoter's inflation target. A contract which is based on self-imposed monetary target announcements proves to be...

We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine two strands of research: the New Keynesian model with its focus on nominal rigidities, and the Diamond-Mortensen-Pissarides model, with its focus on labor market frictions and...

This paper evaluates the prospects for the renminbi’s role as an international currency and the implications for global financial markets. Although the People’s Republic of China (PRC) does not have either an open capital account or a flexible exchange rate, the renminbi has attained...

This work analyses external imbalances across Europe using data on sectorial gross value of assets over sixteen years (1995-2011) in founder countries of the European Union and in the whole Euro area. The empirical analysis strongly supports arguments against the thesis that in Europe sovereign...

The aim of this paper is to discuss some of the great challenges that will characterize the XXI Century. In the background we consider the problem of the relationship between “Us” and the “Others”, that is how to reconcile the power of Western universalism with the multitudes of other...