For several years after 2001, fiscal policy in Hungary was characterised by expansion, boosting the economy through several channels. As a consequence, while the global economy slowed down temporarily between 2001 and 2003, economic growth remained stable at high levels in Hungary. Due to fiscal...

There are numerous signs of the emergence of global imbalances in world economy. This is reflected by the fact that of the developed countries the USA is producing a substantial, historically unprecedented magnitude of current account deficit vis-a-vis the current account surplus of a...

Christopher D. Carroll is an economics professor at Johns Hopkins University Baltimore and research associate at NBER. He obtained his BA from Harvard University in 1986 and his PhD from MIT in 1990. He first worked as an economist at the Federal Reserve Board and later took a job at Johns...

We document results from a survey of wage setting in Hungarian enterprises. The survey was developed and coordinated by the Eurosystem Wage Dynamics Network, and it was administered in 17 European countries; this allows us to put the Hungarian findings in context. The main conclusion from the...

Fabio Canova is currently a full-time professor at the European University Institute (Florence). He has taught in numerous universities around the world and given professional courses at central banks, as well as held consultancy positions with the Bank of England, the European Central Bank, the...

Harald Uhlig is Professor at the Department of Economics of the University of Chicago since 2007 and chairman of that department since July 2009, after having taught at Princeton, Tilburg University and the Humboldt Universität Berlin. His research interests are in macroeconomics, financial...