Hungarian Monetary Policy Operations Before, During, and After the Pandemic: Hungary
Electronic Access:
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Summary:
Within its inflation-targeting framework, the Magyar Nemzeti Bank (MNB) has frequently adjusted its monetary operations. This has raised questions about their internal consistency, appropriateness, and effectiveness. A broader assessment, implying a comparison to a counterfactual, is outside the scope of this paper. Our prior is agnostic. We find that the changes were generally well-motivated within the MNB statutory powers; prioritized, transparently explained, and monitored; and promptly adjusted, when they no longer served their purpose. Occasionally, some tools have worked at cross purposes. Government policies have at times hampered monetary policy. Simplicity comes with a premium, as complexity can blur signals.
Series:
Selected Issues Paper No. 2023/005
Subject:
International organization Monetary policy
Frequency:
Regular
English
Publication Date:
February 26, 2023
ISBN/ISSN:
9798400234866/2958-7875
Stock No:
SIPEA2023005
Pages:
31
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