Disaggregated Cost Pass-Through Based Econometric Inflation-Forecasting Model for Hungary
This paper presents one of the inflation forecasting models used by the Magyar Nemzeti Bank in its recent inflation forecasts. The model attempts to integrate all the properties of the former models considered by the author as being advantageous and desirable into a unified framework. Thus, this model is based on disaggregated econometric estimates, complemented by expert assumptions. The model explains the prices of marketed goods using their cost factors, capturing an assumed process whereby costs gradually pass through into consumer prices. It is the empirical estimation of this slow cost-price pass-through that provides the uniqueness of the model in terms of economic and econometric theory.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cecília Hornok & Zoltán M. Jakab, 2002. "Forecasting Inflation - A Case Study on the Czech, Hungarian, Polish, Slovakian and Slovenian Central Banks," MNB Background Studies (discontinued) 2002/2, Magyar Nemzeti Bank (Central Bank of Hungary).
When requesting a correction, please mention this item's handle: RePEc:mnb:wpaper:2003/4. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Maja Bajcsy)
If references are entirely missing, you can add them using this form.