MNB Working Papers

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2008/3: Density forecast evaluation and the effect of risk-neutral central moments on the currency risk premium: tests based on EUR/HUF option-implied densities

Csaba Csávás

2008/2: Macro stress testing with sector specific bankruptcy models

Marianna Endresz and Zoltán Vásáry

2008/1: Are the exchange rates of EMU candidate countries anchored by their expected euro locking rates?

Anna Naszodi

2007/6: Optimal monetary policy committee size: Theory and cross country evidence

Szilárd Erhart and Jose-Luis Vasquez-Paz

2007/5: Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks

Szilard Benk, Max Gillman and Michal Kejak

2007/4: How Frequently Does the Stock Price Jump? – An Analysis of High-Frequency Data with Microstructure Noises

Jin-Chuan Duan and András Fülöp

2007/3: The Hungarian Monetary Transmission Mechanism: an Assessment

Balázs Vonnák

2007/2: Convergence, capital accumulation and the nominal exchange rate

Peter Benczur and István Kónya

2007/1: A Structural Empirical Analysis of Retail Banking Competition: the Case of Hungary

Jozsef Molnar, Márton Nagy and Csilla Horváth

2006/11: Pillar I treatment of concentrations in the banking book – a multifactor approach

Zoltan Varsanyi

2006/10: Credit Growth in Central and Eastern Europe: Convergence or Boom?

Gergely Kiss, Márton Nagy and Balázs Vonnák

2006/9: The effect of the MNB’s communication on financial markets

Péter Gábriel and Klara Pinter

2006/8: Customer order flow, information and liquidity on the Hungarian foreign exchange market

Áron Gereben, Gyorgy Gyomai and Norbert Kiss M.

2006/7: Is there a bank lending channel in Hungary? Evidence from bank panel data

Csilla Horváth, Judit Krekó and Anna Naszodi

2006/6: Risk in Dynamic Arbitrage: Price Effects of Convergence Trading

Péter Kondor

2006/5: Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable

Balázs Égert and Ronald MacDonald

2006/4: How does monetary policy affect aggregate demand? A multimodel approach for Hungary

Zoltán Jakab, Viktor Várpalotai and Balázs Vonnák

2006/3: Bank Efficiency in the Enlarged European Union

Dániel Holló and Márton Nagy

2006/2: Layoffs as Part of an Optimal Incentive Mix: Theory and Evidence

Anders Frederiksen and Elod Takats

2006/1: Determinants of Spreads on Sovereign Bank Loans: The Role of Credit History

Peter Benczur and Cosmin Ilut

2005/07: Location of manufacturing FDI in Hungary: How important are inter-company relationships?

Gábor Békés

2005/06: Exchange Rate Smoothing in Hungary

Peter Karadi

2005/05: A New Method for Combining Detrending Techniques with Application to Business Cycle Synchronization of the New EU Members

Zsolt Darvas and Gabor Vadas

2005/04: Mind the Gap – International Comparison of Cyclical Adjustment of the Budget

Gabor Kiss and Gabor Vadas

2005/03: Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic

Zsolt Darvas, Andrew Rose and György Szapáry

2005/02: Economic Fluctuations in Central and Eastern Europe - the Facts

Peter Benczur and Attila Rátfai

2005/01: Estimating the Effect of Hungarian Monetary Policy within a Structural VAR Framework

Balázs Vonnák

2004/12: Investment Behavior, User Cost and Monetary Policy Transmission - the Case of Hungary

Gábor Kátay and Zoltán Wolf

2004/11: Structural breaks and financial risk management

Marianna Endresz

2004/9: Competition in the Hungarian Banking Market

Csaba Móré and Márton Nagy

2004/8: Interest rate pass-through in Hungary

Csilla Horváth, Judit Krekó and Anna Naszodi

2004/7: Mind the Gap – Watch the Ways of Cyclical Adjustment of the Budget Balance

Gabor Kiss and Gabor Vadas

2004/6: Fiscal Policy, Business Cycles and Labor-Market Fluctuations

Florin Bilbiie and Roland Straub

2004/5: Dual inflation and real exchange rate in new open economy macroeconomics

Balázs Világi

2004/4: The Stability and Growth Pact from the Perspective of the New Member States

Gábor Orbán and György Szapáry

2004/3: Estimating the Impact of SBTC on Input Demand Elasticities in Hungary

Hajnalka Tarjáni

2004/2: Target zone rearrangements and exchange rate behavior in an options-based model

Anna Naszodi

2004/1: Business Cycle Synchronisation in the Enlarged EU: Comovements in the New and Old Members

Zsolt Darvas and György Szapáry

2003/13: Analyzing Fiscal Policy and Growth with a Calibrated Macro Model

Peter Benczur, András Simon and Viktor Várpalotai

2003/12: Relationship between Market Structure and Bank Performance: Empirical Evidence for Central and Eastern Europe

Csaba Móré and Márton Nagy

2003/11: The Optimal Euro Conversion Rate in a Stochastic Dynamic General Equilibrium Model

Balázs Világi

2003/10: The Role of Foreign Banks in Five Central and Eastern European Countries

Katalin Mérõ and Marianna Endresz

2003/9: Real Effects of Nominal shocks: a 2-sector Dynamic Model with Slow Capital Adjustment and Money-in-the-utility

Peter Benczur

2003/8: Univariate Potential Output Estimations for Hungary

Zsolt Darvas and Gabor Vadas

2003/7: Capital Stock Estimation in Hungary: A Brief Description of Methodolgy and Results

Gabor Pula

2003/6: Modelling Household's Savings and Dwellings Investment - a Portfolio Choice Approach

Gabor Vadas

2003/5: Explaining the Exchange Rate Pass-Through in Hungary: Simulations with the NIGEM Model

Zoltán Jakab and Mihály András Kovács

2003/4: Disaggregated Cost Pass-Through Based Econometric Inflation-Forecasting Model for Hungary

Viktor Várpalotai

2003/1: The behavior of the nominal exchange rate at the beginning of disinflations

Peter Benczur

2002/5: CEC5: On The Estimated Size of the Balassa-Samuelson Effect in CEC5 Countries

András Mihály Kovács

2002/3: Hungary in the NIGEM model

Zoltán Jakab and András Mihály Kovács

2001/5: Banking Sector Reform in Hungary: Lessons Learned, Current Trends and Prospects

György Szapáry

2001/4: Financial Stability, Monetary Policy and Integration: Policy Choices for Transition Economies

János Vincze

2001/3: On Price Level Stability, Real Interest Rates and Core Inflation

János Vincze and Sándor Valkovszky

2001/2: Liquidity Constraints and Consumer Impatience

Istvan Toth and Zsófia Árvai

2001/1: Optimal Indebtendness of a Small Open Economy with Precautionary Behavior

András Simon and Viktor Várpalotai

2000/9: Potential Output and Foreign Trade in Small Open Economies

András Simon and Zsolt Darvas

2000/8: Savings of Hungarian Households 1995 – 2000

Zsófia Árvai and Péter Menczel

2000/7: Maastricht and the Choice of Exchange Rate Regime in Transition Countries During The Run-Up to EMU

György Szapáry

2000/6: Financial crises in transition countries: models and facts

Zsófia Árvai and János Vincze

2000/5: What are Consumer Price Statistics Good for?

Barnabás Ferenczi, Sándor Valkovszky and János Vincze

2000/4: Forecasting Hungarian Export Volume

Zoltán Jakab, Mihály András Kovács and Szabolcs Lorincz

2000/2: Estimates of and Problems with Core Inflation in Hungary

Sándor Valkovszky and János Vincze

2000/1: How Far has Trade Integration Advanced? An analysis of actual and potential trade of three Central and Eastern European countries

Zoltán Jakab, Mihály András Kovács and András Oszlay

1999/10: Financial Contagion under Different Exchange Rate Regimes

Zsolt Darvas and György Szapáry

1999/8: Changes in the Implicit Debt Burden of the Hungarian Social Security System

Peter Benczur

1999/7: Information in T-bill Auction Bid Distributions

Attila Csajbok

1999/6: Determinants of Real Exchange Rate Fluctuations in Hungary

Zoltán Jakab and Mihály András Kovács

1999/5: Labour market developments in Hungary from a Central Bank perspective Stylised Facts

Barnabás Ferenczi

1999/3: Capital Stock and Economic Development in Hungary

Zsolt Darvas and András Simon

1999/1: Leverage and foreign ownership in Hungary

Ágnes Csermely and János Vincze

1998/5: Fiscal Consolidation, Public Debt Containment and Disinflation – (Hungary’s Experience in Transition)

Gyula Barabás, István Hamecz and Judit Neményi

1998/4: The Role of General Government in Hungary

Gabor Kiss

1998/3: The components of the real exchange rate in Hungary

Mihály András Kovács and András Simon

1998/2: Zero-coupon yield curve estimation from a central bank perspective

Attila Csajbok