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Nominális növekedés egy kis, nyitott gazdaságban
[Nominal growth in a small open economy]


  • Kónya, István


  • Benczúr, Péter



Tanulmányunkban egy rugalmas árazású, kétszektoros nominális növekedési modellt építünk fel, amelyet a fokozatos tőkefelhalmozás melletti felzárkózás tanulmányozására használunk. Egy klasszikus kis, nyitott gazdaságot tekintünk, a külfölddel versenyző és nem versenyző szektorokkal, amit a pénz szerepével és a beruházások fokozatosságával bővítünk. A modellkeret a következő eredményeket adja: 1. a nominális árfolyam szintje középtávon befolyásol reálváltozókat is, de hosszú távon csak a nominálváltozókat; 2. a reálmodell egyensúlyi pályája mentén a reálárfolyam (relatív ár) felértékelődését figyelhetjük meg; 3. a nominális pálya és a reálegyensúlyi pálya összevetésével definiáljuk az árfolyam alul- és felülértékeltségét; valamint 4. megvizsgáljuk ezek reál- és nominálváltozókra gyakorolt hatásait. Journal of Economic Literature (JEL) kód: F32, F41, F43.

Suggested Citation

  • Kónya, István & Benczúr, Péter, 2005. "Nominális növekedés egy kis, nyitott gazdaságban
    [Nominal growth in a small open economy]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 556-575.
  • Handle: RePEc:ksa:szemle:769

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    References listed on IDEAS

    1. Dornbusch, Rudiger & Mussa, Michael, 1975. "Consumption, Real Balances and the Hoarding Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 415-421, June.
    2. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
    3. Mark Aguiar & Gita Gopinath, 2007. "Emerging Market Business Cycles: The Cycle Is the Trend," Journal of Political Economy, University of Chicago Press, vol. 115, pages 69-102.
    4. Balsam, A. & Eckstein, Z., 2001. "Real Business Cycles in a Small Open Economy with Non-Traded Goods," Papers 2001-3, Tel Aviv.
    5. By A. Javier Hamann, 2001. "Exchange-Rate-Based Stabilization: A Critical Look at the Stylized Facts," IMF Staff Papers, Palgrave Macmillan, vol. 48(1), pages 1-4.
    6. Sergio Rebelo & Carlos A. Vegh, 1995. "Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories," NBER Chapters,in: NBER Macroeconomics Annual 1995, Volume 10, pages 125-188 National Bureau of Economic Research, Inc.
    7. Huffman, Gregory W. & Wynne, Mark A., 1999. "The role of intratemporal adjustment costs in a multisector economy," Journal of Monetary Economics, Elsevier, vol. 43(2), pages 317-350, April.
    8. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, January.
    9. Arnold C. Harberger, 1962. "The Incidence of the Corporation Income Tax," Journal of Political Economy, University of Chicago Press, vol. 70, pages 215-215.
    10. Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 1-45, February.
    11. András Simon & Zsolt Darvas, 2000. "Potential Output and Foreign Trade in Small Open Economies," MNB Working Papers 2000/9, Magyar Nemzeti Bank (Central Bank of Hungary).
    12. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June.
    13. Benigno, Pierpaolo, 2004. "Optimal monetary policy in a currency area," Journal of International Economics, Elsevier, vol. 63(2), pages 293-320, July.
    14. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
    15. Fiorito, Riccardo & Kollintzas, Tryphon, 1994. "Stylized facts of business cycles in the G7 from a real business cycles perspective," European Economic Review, Elsevier, vol. 38(2), pages 235-269, February.
    16. Martin Eichenbaum & Jonas D. M. Fisher, 2003. "Evaluating the Calvo model of sticky prices," Working Paper Series WP-03-23, Federal Reserve Bank of Chicago.
    17. Jaume Ventura, 1997. "Growth and Interdependence," The Quarterly Journal of Economics, Oxford University Press, vol. 112(1), pages 57-84.
    18. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    More about this item

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies


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