Fears of deflation in the euro area intensified in early 2014. Low or negative inflation in several euro-area countries has increased the risk of deflation. The European Central Bank's communication suggests that the Bank considers deflation a genuine risk. In Japan, economic policy has been...

This paper surveys the changes triggered by the financial crisis and the theoretical and practical options for the renewal of the inflation targeting framework. While a comprehensive overview would be impossible to provide, it seeks to present the changes in the monetary strategy of Magyar...

This paper offers a basic overview of the practical aspects of money creation. A brief presentation of the history of money and a critical summary of the commonly accepted theories highlight the current understanding of the emergence and operating characteristics of money in the modern economy....

Fiscal sustainability conditions for the Maastricht gross nominal consolidated public debt are analyzed using Hungarian data. The components of debt dynamics are grouped following the commonly used debts sustainability approach while the factors and their contributions to the changes of the debt...

Hungarian Abstract: A hagyományos közgazdaságtan a reálelemzés keretében érvel, és ez akadálya a valós gazdasági folyamatok megértésének. Schumpeter és Keynes kritizálta ezt a megközelítést és helyette a monetáris elemzést alkalmazta. Ezt az elméleti alapvetést követem,...

This paper surveys the changes triggered by the financial crisis and the theoretical and practical options for the renewal of the inflation targeting framework. While a comprehensive overview would be impossible to provide, it seeks to present the changes in the monetary strategy of Magyar...

Inflation and fiscal performance are interlinked and called for proper legislative and institutional requirements to implement policies. We argue that more attention should be paid to nominal indicators like inflation and nominal interest rate in designing fiscal rules and we attempt to...

The central bank practice which emerged in the period following the financial crisis called into question numerous elements of interest rate considerations. In this paper we present a new theoretical framework that dispenses with the concept of real interest altogether, as a vague and...