Research at MNB
The objective of economic research at the Magyar Nemzeti Bank is to provide a strong conceptual and empirical foundation upon which to make sound monetary policy and financial stability decisions by providing high-quality economic theory models, and tools of economic analysis. Research is primarily carried out at three departments: the Research Department, the Economic Forecasting and Analysis Department, and the Monetary Policy and Financial Analysis Department. The Research Department carries out the longer term, academic style research, and collaborates with the other two departments in developing models and tools for economic analysis. Research at the Economic Forecasting and Analysis Department, and the Monetary Policy and Financial Analysis Department develop frontier tools, models and carry out high quality analysis to further our understanding of monetary policy, financial markets and the banking system in general and in Hungary.
High quality research is essential for high quality monetary policy decisions. Moreover, it also enhances the reputation of the MNB among policy makers, financial market analysts and academic economists. Finally, it enables the MNB to contribute to the monetary and economic policymaking of the Eurosystem once it becomes a member. Hence the Bank seeks to develop its research in order to have a significant impact not only nationally, but also internationally. The Magyar Nemzeti Bank aims at developing the research skills that meet high international standards and produce frontier research. To ensure high quality, the Bank asked two external evaluators to review the research activities of the MNB in 2008.
„Magyar Nemzeti Bank Research Evaluation Report 2008” by Lászl? Halpern (Institute of Economics, Hungarian Academy of Sciences) and Loretta J. Mester (Federal Reserve Bank of Philadelphia and the Wharton School, University of Pennsylvania).
In early 2010, the Supervisory Board of MNB ordered an informal overview of the bank’s research activity. The research strategy was updated in 2011.
In 2012 the MNB again invited two external experts, Pierre Siklós (Wilfrid Laurier University and Balsillie School of International Affairs, Canada) and Anders Vredin (Sveriges Riksbank, the central bank of Sweden) to conduct a follow-up evaluation. The evaluators were asked to assess the quality of the Bank’s research output as well as the relevance of the research activities for the strategic goals of the Bank.
"Evaluation of MNB research - a review of the research function at the National Bank of Hungary"
by Pierre L. Siklós (Wilfrid Laurier University and Balsille School of International Affairs, Canada) and Anders Vredin (Sveriges Riksbank, Sweden).