It is frequently claimed that the expected yield on emerging market bonds commands a premium. Here we investigate the sources of this phe-nomenon. A stochastic general equilibrium model of a small open economy is analyzed numerically to derive conditions for interest rate premia. The novelty of...

The Phillips curve is one of the best known, most discussed and most often used macroeconomic relationships. As a result of the severe, prolonged global recession that unfolded in the wake of the 2007–2008 financial crisis, special attention was paid to the issue of the slope of the curve. In...

In this study I examine two aspects of Hungarian inflation. with some reference to other CEFE. The first is the political economy dimension, the second the mechanics of price making Concerning the former topic I argue that the balance of payment or mercantilistic motive has been the single most...

In this paper our aim was to establish legal facts for Hungary in detail, to put the country's situation into international context, and to find new avenues for comparative research. We updated investor protection indicators already existing in the literature, while determined enforcement...

The phenomenon of infrequent price changes has troubled economists for decades. Intuitively one feels that for most price-setters there exists a range of inaction, i.e. a substantial measure of the states of the world, within which they do not wish to modify prevailing prices. However, basic...

In this study I examine two aspects of Hungarian inflation. with some reference to other CEFE. The first is the political economy dimension, the second the mechanics of price making Concerning the former topic I argue that the balance of payment or mercantilistic motive has been the single most...

In this paper our aim was to establish legal facts for Hungary in detail, to put the country’s situation into international context, and to find new avenues for comparative research. We updated investor protection indicators already existing in the literature, while determined enforcement...

We study a family of models of tax evasion, where a flat-rate tax finances only the provision of public goods, neglecting audits and wage differences. We focus on the comparison of two modeling approaches. The first is based on optimizing agents, who are endowed with social preferences, their...