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1

The temporary real effect of nominal shocks in a two-sector model of growth

100%
Benczur P.
Kozgazdasagi Szemle (Economic Review)
|
2004
|
vol. 51
|
issue 2
101-126
EN
The author employs a two-sector growth model to examine the effects of various nominal shocks (fiscal or exchange-rate) on sectors and production factors. He starts from the Neoclassical model of a small, open economy that expands through gradual adjustment of capital and the role of the money supply ('money into utility'). Consequently, a nominal shock (fiscal expansion or appreciation of the nominal exchange rate) will increase momentary consumption (through the role of money), which raises the prices of services. (The short-term transformation curve is non-linear due to the gradual capital adjustment.) This alters the price of the production factors, the ratios of labour to capital, and the utilization of capital and labour for each sector. The high level of service prices raises domestic incomes, which retrospectively provides a basis for some of the initial excess demand. This mechanism means that nominal shocks will have a relatively long-lasting effect on real changes (relative prices, factor prices and capital accumulation) that dies down only gradually as the surplus money supply is dissipated (through a foreign trade deficit). There is also a parallel between the model and literature analysing disinflation on an exchange-rate basis.
2

The effect of tax rates on the behaviour of various economic actors. A review of the literature

100%
Benczur P.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 2
125-141
EN
The article sets out to review international empirical literature on the behavioural effects induced by the tax system. The author concentrates on three areas: labour supply (activity, number of hours worked, total income), household saving, and corporate investment. This may assist primarily in measuring likely effects of various tax and benefit reforms (such as those introduced recently in Hungary), with the undisguised purpose of encouraging research and debate on these.
3

Nominal growth in a small open economy

63%
Benczur P., Konya I.
Kozgazdasagi Szemle (Economic Review)
|
2005
|
vol. 52
|
issue 6
556-575
EN
This paper develops a flexible price, two-sector nominal growth model, to study the nominal effect of capital accumulation (nominal and real convergence). The authors adopt a classical model of a small open economy with traded and non-traded goods, and enrich its structure with gradual investment and a preference for real money holdings. The modelling framework gives the following results. (1) The level of the exchange rate has a medium-run impact on nominal and real variables but no long-run effect on real variables. (2) Along the real equilibrium path of the economy, capital accumulation implies an increase of the price of non-tradables (real appreciation). (3) By comparing the nominal and the real equilibrium paths, the authors introduce a notion of misalignment. (4) The same comparison makes it possible to analyse the effect of misalignment on nominal and real variables.
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