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The main features of Hungary's monetary transmission mechanism

100%
Vonnak B.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 12
1155-1177
EN
This paper attempts to aggregate and summarize fresh findings on the monetary transmission mechanism in Hungary. Within a research project at the National Bank of Hungary, nine studies have appeared that investigate the channels through which Hungarian monetary policy affects the economy. This paper creates a framework for synthesizing particular results, based on Mishkin's (1996) classification, and analyses how aggregate demand is affected through these channels. The conclusion is that in the last ten years, monetary policy has exerted measurable influence on real activity and prices. The dominance of the exchange-rate channel explains why prices respond faster and output responds more mildly than in closed developed economies like the United States or the Euro Zone. We expect that after Hungary's adoption of the euro, the absence of an exchange rate will be compensated by the fact that the interest-rate channel will work through foreign demand as well, so that no significant monetary-transmission asymmetries can be expected when the country is inside the Euro Zone.
2

The role of the housing market in monetary transmission

100%
Kiss G., Vadas G.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 5
408-427
EN
The housing market is among the most important shaping factors behind monetary policy. This study sets out to reveal the role of the housing market in monetary transmission with special attention to Hungary. The authors begin by reviewing experience in the developed countries, especially experience with the monetary union. Then comes an account of processes in Hungary in the last few years and a tentative outline of likely events in the period up to introduction of the euro. An attempt is made by econometric methods to identify the relation between macroeconomic changes and housing prices, and the effects of monetary policy on housing investment and consumption by households.
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