The paper builds a two-country open economy model of incomplete exchange rate pass-through. The paper contributes to the existing literature in two ways. First, incomplete pass-through is the result of price discrimination, and not any assumption about price rigidities. The flexible-price model...

A tanulmány a bérhányad (a munkajövedelem hazai jövedelemhez viszonyított aránya) alakulását tárgyalja Magyarországon, régiós és európai összevetésben. A cikkben először részletesen ismertetjük a bérhányad különböző mérési kérdéseit és az ehhez kapcsolódó...

This paper views the growth and convergence process of five Central- Eastern European economies between 1996 and 2019— the Czech Republic, Hungary, Poland, Slovenia and Slovakia— through the lens of an open economy, stochastic neoclassical growth model with simple financial frictions. Our...

This chapter looks at the overall macroeconomic and social situation of the CEEE at the onset of Russia’s aggression on Ukraine and over the consecutive 18 months. Given its close proximity to the Covid-19 crisis, we interpret these shocks together as a twin crisis and draw parallels with the...