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Hungary: Selected Issues

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  • International Monetary Fund

Abstract

This Selected Issues paper for Hungary highlights the monetary policy framework in Hungary and the models used by the central bank (MNB). The MNB’s Quarterly Projection Model combines neo-Keynesian features in the short term with neoclassical features in the long term. It is a two-sector small-open-economy model, estimated by Bayesian methods. Fiscal policy is modeled using various revenue and expenditure items. Rich in sectoral details and structural shocks, the model generates impulse responses of different variables to structural shocks.

Suggested Citation

  • International Monetary Fund, 2008. "Hungary: Selected Issues," IMF Staff Country Reports 2008/314, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2008/314
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=22375
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    References listed on IDEAS

    as
    1. Ca' Zorzi, Michele & Hahn, Elke & Sánchez, Marcelo, 2007. "Exchange rate pass-through in emerging markets," Working Paper Series 739, European Central Bank.
    2. Szilárd Benk & Zoltán M. Jakab & Mihály András Kovács & Balázs Párkányi & Zoltán Reppa & Gábor Vadas, 2006. "The Hungarian Quarterly Projection Model (NEM)," MNB Occasional Papers 2006/60, Magyar Nemzeti Bank (Central Bank of Hungary).
    3. International Monetary Fund, 2007. "Romania: Selected Issues," IMF Staff Country Reports 2007/220, International Monetary Fund.
    4. repec:icf:icfjmo:v:05:y:2007:i:4:p:84-102 is not listed on IDEAS
    5. Ms. Dora M Iakova, 2007. "Flattening of the Phillips Curve: Implications for Monetary Policy," IMF Working Papers 2007/076, International Monetary Fund.
    6. International Monetary Fund, 2006. "Israel: Selected Issues," IMF Staff Country Reports 2006/121, International Monetary Fund.
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    Cited by:

    1. Mr. Martin Cihak & Mr. Wim Fonteyne, 2009. "Five Years After: European Union Membership and Macro-Financial Stability in the New Member States," IMF Working Papers 2009/068, International Monetary Fund.

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