The capital stock in Hungary was estimated using two approaches: one based on the historical time series of investments and the other based on direct survey data. The two approaches resulted in significantly different levels of net capital stock estimations: the level estimated by cumulating...

We show that in both time-dependent and state-dependent sticky price models, prices of sticky price products (i.e. whose price changes rarely) contain more information about medium term inflation developments than those of flexible price products (i.e. whose price changes frequently). We do this...

Asymmetric inflation response to aggregate shocks is an identifying macro-prediction of state dependent pricing models with trend inflation (Ball and Mankiw, 1994). The paper uses the natural experiment of symmetric value-added tax (VAT) changes in Hungary with highly asymmetric inflation...

This paper uses Hungarian data to estimate the structural parameters of a firm-level investment model with a rich structure of adjustment costs, and analyzes whether non-convex adjustment costs have any effect on the aggregate investment dynamics. The main question addressed is whether aggregate...

On September 6–7, 2012, the Magyar Nemzeti Bank hosted the 11th Macroeconomic Research Workshop organized jointly with the CEPR. The title of the workshop was ‘Microeconomic Behavior and its Macroeconomic Implications During the Financial Crisis’. The event was highly topical, as the...

In the autumn of 2006 the Magyar Nemzeti Bank launched a series of research projects on the pricing of products and services with non-regulated prices, which is expected to last for one and a half years. Store-level price quotes used for the Hungarian CSO’s (Central Statistical Office)...

This paper uses Hungarian micro-CPI data between December 2001 and June 2007 to provide descriptive statistics of store-level pricing practices in Hungary. First we present simple descriptive statistics about the frequency and average size of price changes, and compare it with similar statistics...

Boltszintû árstatisztikai felírások alapján a tanulmány a magyarországi inflációs folyamatok és árazási magatartás jellemzõinek regionális hasonlóságait és eltéréseit vizsgálja. Fõ tanulsága, hogy a hivatalos NUTS-II régiók nem képeznek önálló gazdasági egységeket,...

Our study presents the top-down stress testing framework currently used by the Magyar Nemzeti Bank. We run separate solvency and liquidity stress tests to analyse the ability of the banking system to absorb shocks and we present their results in our Report on Financial Stability. In the former,...

This paper focuses on analyzing the cash supply network, in which the central bank – as an institutional member – acts as a key influencing node/party. By analyzing the case study example of the Hungarian cash supply, the paper introduces the different kinds of special network patterns that...