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1

The symmetries of the Goodwin Model. Contradiction and reconciliation among economic paradigms

100%
Brody A., Abel I.
Kozgazdasagi Szemle (Economic Review)
|
2008
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vol. 55
|
issue 4
333-343
EN
Recognition of the duality and symmetries of economic motion offers researchers a new concept. As in the sciences of the last century, the debate between 'causes' and 'objectives' dies down. The basic question today is not seemingly contradictory paradigms or logical rivalry among schools, but correct and easily measurable description of the movement. In seeking a simpler and more comprehensible explanation, the authors examine the mathematical methods of creating theories and models. For this reason, they examine the cycle model of Goodwin, which is accepted by both schools. The causal or teleological explanation and the criteria of costs and of output are equally satisfactory, and a realistic description of economic cycles is arrived at by analysing the calculation practice of a model that satisfies and is based upon both.
2

Interest-rate differentials, speculative capital flows and exchange-rate volatility

100%
Abel I., Kobor A.
Kozgazdasagi Szemle (Economic Review)
|
2008
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vol. 55
|
issue 11
941-961
EN
Interest rates on the Hungarian forint are higher than interest rates in the Euro area or other countries in the region. Interest-rate decisions are based on assessing several factors in monetary policy. This paper evaluates the effects of a sizable interest-rate differential between Hungary and the Euro area on the exchange rate and on its volatility. There is a difference in the effects of the interest-rate differential on the exchange rate in the short run and in the long run, but a higher interest-rate differential tends to increase exchange-rate volatility on both horizons. There is a triangular relation between interest-rate differential, speculative capital flows, and exchange-rate volatility. Any angle in this triangular relation points to the importance of the financial-stability consideration in forming monetary policy.
3

Irrespective of everything. The effect of monetary policy on the economic cycle in Hungary

100%
Abel I., Siklos P. L.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 11
845-959
EN
Hungarian monetary policy in the last decade is assessed using a textbook macroeconomic model, irrespective of change in economic-policy conditions and political influences. Monetary policy is seen as a key element of economic policy, whose aim to attain economic stability. According to this view, moderating the economic cycle and pursuing price stability are both tasks for economic policy
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