Hungary: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 314

Publication date: September 2008

ISBN: 9781451818109

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , credibility effect , interest rate equation , long-term interest rates , inflation expectation , government bond , Fiscal rules , Long term interest rates , Inflation , Central bank policy rate , Global

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Summary

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.