This paper analyses current policy choices facing the candidate countries for EU accession using newly developed econometric macromodels of Poland, Hungary, the Czech Republic, Slovenia and Estonia. The models allow for endogenous growth, and they have been incorporated into an existing global...

The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. This paper creates a special version of GPM that includes the four largest Euro Area (EA) countries. The EA countries are more vulnerable to domestic and external demand shocks because...

Using an estimated DSGE model for Hungary, the paper identifies the possible non-Keynesian channels through which a fiscal consolidation may manifest as expansionary. Simulations show that fiscal consolidation policies are typically contractionary. Nevertheless, taking into account some specific...

Abstract will be soon available

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...

A tanulmány célja az, hogy a magyar makrogazdaság elmúlt 15 évének legfőbb makrofolyamatait értelmezze a neoklasszikus növekedési modell sztochasztikus változata segítségével. A módszertan a Chari-Kehoe-McGrattan [2007] által bevezetett gazdaságiciklus-számbevételi (business...