This paper investigates the trade integration of three Central and Eastern European countries, namely the Czech Republic, Hungary and Poland, using the gravity model for trade as an analytical device. Beside the usual variables in such a model, we have also incorporated the FDI variables....

This paper explores the major determinants of the exchange rate pass-through to CPI. The simulations were performed with the Bank's estimated Hungarian block linked to the NIGEM model of the National Institute of Economic and Social Research (NIESR). The modelling framework offers some insight...

Az inflációs célt követő rendszer ötéves évfordulója alkalmából ebben az írásban az előrejelzések e rezsimben betöltött szerepét és az MNB eddigi előrejelzési gyakorlatának tapasztalatait tekintjük át. Az előrejelzési módszertan fejlődésének rövid történeti...

A tanulmány a különféle reálárfolyam-mutatókat elemzi a monetáris politika szemszögéből. A szerző áttekinti az ár-, költség-, illetve profitalapú mutatók előfeltevéseit, alkalmazási korlátait, részletesen vizsgálva a profitalapú mutató dinamikájának alakulását. A...

This paper argues that the Phillips curve relationship is not sufficient to trace back the output gap, because the effect of excess demand is not symmetric across tradeable and non-tradeable sectors. In the non-tradeable sector, excess demand creates excess employment and inflation via the...

This paper argues that the Phillips curve relationship is not sufficient to trace back the output gap, because the effect of excess demand is not symmetric across tradeable and non-tradeable sectors. In the non-tradeable sector, excess demand creates excess employment and inflation via the...

This paper argues that the Phillips curve relationship is not sufficient to trace back the output gap, because the effect of excess demand is not symmetric across tradeable and non-tradeable sectors. In the non-tradeable sector, excess demand creates excess employment and inflation via the...