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A magyarországi monetáris transzmissziós mechanizmus fő jellemzői
[The main features of Hungarys monetary transmission mechanism]

Author

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  • Vonnák, Balázs

Abstract

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 csatornákat vizsgálják, amelyeken keresztül a magyar monetáris politika hatást gyakorol a gazdaságra. Mishkin [1996] klasszifikációja alapján keretrendszert alkottunk az egyes eredmények összegzésére. Arra a következtetésre jutottunk, hogy az utóbbi tíz évben a monetáris politika - elsősorban az árfolyamon keresztül - kimutatható hatással volt a reálgazdaságra és az árakra. Az árfolyamcsatorna dominanciája magyarázatot ad arra, hogy az árak miért reagálnak gyorsabban, a kibocsátás pedig mérsékeltebben az olyan zárt, fejlett gazdaságokhoz képest, mint az Egyesült Államok vagy az euróövezet. Az euró hazai bevezetését követően az árfolyamcsatorna hiányát várhatóan ellensúlyozza az a tény, hogy a kamatcsatorna a külső keresleten keresztül is működik, ezért az euróövezeten belül nem számítunk a magyar gazdaság aszimmetrikus viselkedésére. Journal of Economic Literature (JEL) kód: E44, E52, E58.

Suggested Citation

  • Vonnák, Balázs, 2006. "A magyarországi monetáris transzmissziós mechanizmus fő jellemzői
    [The main features of Hungarys monetary transmission mechanism]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1155-1177.
  • Handle: RePEc:ksa:szemle:888
    as

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    References listed on IDEAS

    as
    1. Uhlig, Harald, 2005. "What are the effects of monetary policy on output? Results from an agnostic identification procedure," Journal of Monetary Economics, Elsevier, vol. 52(2), pages 381-419, March.
    2. N. Gregory Mankiw & Ricardo Reis, 2002. "Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1295-1328.
    3. Taylor, John B., 2000. "Low inflation, pass-through, and the pricing power of firms," European Economic Review, Elsevier, vol. 44(7), pages 1389-1408, June.
    4. Peter van Els & Alberto Locarno & Julian Morgan & Jean-Pierre Villetelle, 2001. "Monetary policy transmission in the euro area: what do aggregate and national structural models tell us?," Temi di discussione (Economic working papers) 433, Bank of Italy, Economic Research and International Relations Area.
    5. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    6. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
    7. Ronald Macdonald & Mark P. Taylor, 1992. "Exchange Rate Economics: A Survey," IMF Staff Papers, Palgrave Macmillan, vol. 39(1), pages 1-57, March.
    8. Rigobon, Roberto & Sack, Brian, 2004. "The impact of monetary policy on asset prices," Journal of Monetary Economics, Elsevier, vol. 51(8), pages 1553-1575, November.
    9. Kim, Soyoung, 2001. "Effects of monetary policy shocks on the trade balance in small open European countries," Economics Letters, Elsevier, vol. 71(2), pages 197-203, May.
    10. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
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    Cited by:

    1. László György & József Veress, 2013. "The Possible Causes of and Means of Avoiding External Financial Vulnerability Hungary versus Singapore," Public Finance Quarterly, State Audit Office of Hungary, vol. 58(1), pages 53-75.

    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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