Hungary: Selected Issues

International Monetary Fund

No 2008/314, IMF Staff Country Reports from 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 42
Date: 2008-09-24
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Citations: View citations in EconPapers (1)

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