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...

In this paper we investigate the possible effects of fiscal tightening in Hungary from two perspectives. First, simulations in an estimated neo-Keynesian model are used to characterise the effects of different scenarios for fiscal consolidations. We show that the composition of fiscal shocks is...

Two economists of the National Bank of Hungary review fiscal developments during a decade of transition in Hungary. The paper examines the role of fiscal policy in stabilizing the economy in the face of external and reform-induced shocks, the way in which fiscal policy contributed to the...

Tanulmányunk a fiskális fenntarthatóság fogalma kapcsán megállapítja, hogy ebben a témakörben nagyon különböző eszközökkel számos eltérő kérdés vizsgálható. Kérdés lehet a költségvetési korlát végtelen időtávon történő teljesülése, egy célérték elérése...