Cyclically adjusted budget balance (CAB) is a widely cited and widely used concept in the evaluation of fiscal situations. The key idea behind it involves the identification of potential levels of economic variables. There are two recently used methods: the aggregate approach and the...

The housing market becomes more essential in monetary policy. This paper attempts to analyse the role of the housing market in the monetary transmission mechanism with special focus on Hungary. The study first summarizes the experiences of developed countries, paying special attention to issues...

A ciklikusan igazított államháztartási deficit a költségvetési helyzet értékelésére széles körben alkalmazott fogalom. Alapgondolata az, hogy az államháztartási hiányon belül el kell választani az átmeneti és/vagy nem diszkrecionális hatásokat a deficit tartós...

A lakáspiac a monetáris politika alakításának egyre fontosabb tényezője lesz. A ta nulmány a lakáspiac monetáris transzmisszióban betöltött szerepét igyekszik bemu tatni, külön figyelmet fordítva a magyar folyamatokra. A szerzők elsőként a fejlett országok tapasztalatait...

The assessment of the direction of fiscal policy is both important and controversial. Because budgets are influenced by business cycles, disentangling the underlying fiscal position from the effect of the business cycle is difficult. The two main methods used by international institutions to...

Over the past decade, increasing public debt has become one of the most important problems for the Hungarian economy, significantly constraining the room for manoeuvre for fiscal policy and in some periods even calling into question its sustainability. As a percentage of GDP, gross public debt...

If compliance with a fiscal rule in certain periods requires procyclical fiscal policy, it means that fiscal policy does not mitigate the cyclical fluctuations of the economy, but rather may amplify them, i.e. it is unable to perform its stabilisation function. On the basis of the analysis of...

Our study aims to compare the level of redistribution, and expenditure structure of the Visegrád countries in the period between 1995–2010. For the purpose of comparability, the new methodology presented in the study filters out those components of total expenditures, which are exogenous in...