The MNB Working Paper series includes articles that are of interest to the academic community, as well as researchers in central banks and elsewhere. Starting from 9/2005, articles undergo a refereeing process, and their publication is supervised by an editorial board.

Information on previous MNB Working Papers

WP 2025/2- Bálint Várgedő-Csaba Burger-Donát Kim: Green Firms Are Less Risky: Results from a Preferential Capital Requirement Programme in Emerging Europe WP 2025/1- Gábor Kátay, Palma Filep-Mosberger, Francesco Tucci: The Impact of EU Grants for Research and Innovation on Firms' Performance WP 2024/3- Marianna Endresz -Peter Gabriel: Impact of Acquisitions on Firms’ Performance WP 2024/2- Palma Filep-Mosberger-Lorant Kaszab-Zhou Ren: Spillover Effects of Foreign Currency Loans:The Role of the Bank Lending Channel WP 2024/1- Tamás Briglevics-Artashes Karapetyan-Steven Ongena-Ibolya Schindele: More Data, More Credit? Information Sharing and Bank Credit to Households WP 2023/4- Viola Monostoriné Grolmusz: Recovering Stock Analysts’ Loss Functions from Buy/Sell Recommendations WP 2023/3- Viola Monostoriné Grolmusz: Optimal Forecast Combination Under Asymmetric Loss and Regime-Switching WP 2023/2- Pálma Filep-Mosberger-Lóránt Kaszab-Zhou Ren: Endogenous Growth Countercyclical Dividends and Asset Prices WP 2023/1- Péter Csóka-Judit Hevér: The Effect of Regulatory Requirements and ESG Promotion on Market Liquidity WP 2022/7- Bence Mérő-András Borsos- Zsuzsanna Hosszú-Zsolt Oláh-Nikolett Vágó: A High Resolution Agent-based Model of the Hungarian Housing Market WP 2022/6- Andras Lengyel: Treasury Supply Shocks and the Term Structure of Interest Rates in the UK WP 2022/5- Lorant Kaszab-Ales Marsal- Katrin Rabitsch: Asset Pricing with Free Entry and Exit of Firms WP 2022/4- Pálma Filep-Mosberger- Ádám Reiff: Income Tax Evasion Estimation in Hungary WP 2022/3- Balázs Világi- Balázs Vonnák: A Simple Framework for Analyzing the Macroeconomic Effects of Inside Money WP 2022/2- Győző Gyöngyösi- Steven Ongena -Ibolya Schindele: Monetary Policy and Household Loan Supply: Volume and Composition Effects WP 2022/1- Győző Gyöngyösi- Judit Rariga -Emil Verner: The Anatomy of Consumption in a Household Foreign Currency Debt Crisis WP 2021/5- Tirupam Goel- Péter Lang -Eszter Balogh-Ádám Banai-Martin Stancsics-Előd Takáts-Álmos Telegdy: Credit Constrained Firms and Government Subsidies:Evidence from a European Union Program WP 2021/4- Balázs Vonnák­: Estimating the Effect of Monetary Policy with Dissenting Votes as Instrument WP 2021/3- Eyno Rots - Barnabás Székely: a Model-Based Comparison of Macroprudential Tools WP 2021/2- Roman Horvath-Lorant Kaszab- Ales Marsal: Interest Rate Rules, Rigidities and Inflation Risks in a Macro-Finance Model WP 2021/1- Pálma Filep-Mosberger-Attila Lindner-Judit Rariga­: Spillover Effects in Firms’ Bank Choice WP 2020/7- Lajos Tamás Szabó: The Effect of Public Work Programme in Hungary on Private Sector Wages WP 2020/6- András Borsos- Bence Mérő: Shock Propagation in the Banking System with Real Economy Feedback WP 2020/5- Marianna Endrész: The Bank Lending Channel During Financial Turmoil WP 2020/4- Danilo Leiva-Leon- Gabriel Perez-Quiros-Eyno Rots: Real-Time Weakness of the Global Economy WP 2020/3- Roman Horvath- Lorant Kaszab-Ales Marsal: Equity Premium and Monetary Policy in a Model with Limited Asset Market Participation WP 2020/2- Emil Verner- Győző Gyöngyösi: Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis WP 2019/4- Lajos Tamás Szabó: The Effect of Tightness on Wages at the Regional Level in Three Central European Countries WP 2019/3- Roman Horvath- Lóránt Kaszab-Ales Marsal-Katrin Rabitsch: Determinants of Fiscal Multipliers Revisited WP 2019/2- Roman Horvath- Lóránt Kaszab-Ales Marsal: Fiscal Policy and the Nominal Term Premium WP 2019/1- Gábor Fukker- Lóránt Kaszab: Macroprudential policies in the EAGLE FLI model calibrated for Hungary WP 2018/3- Barnabás Székely: Bank Efficiency Differences Across Central and Eastern Europe WP 2018/2- Mattia Bevilacqua: Asymmetric Volatility Spillovers Between Developed and Developing European Countries WP 2018/1 –András Fülöp–Zalán Kocsis: News- Based Indices on Country Fundamentals: Do They Help Explain Sovereign Credit Spread Fluctuations? WP 2017/9 –Tibor Szendrei–Katalin Varga: FISS – A Factor Based Index of Systemic Stress in the Financial System WP 2017/8 – Ádám Banai, Péter Lang, Gábor Nagy, Martin Stancsics: Impact evaluation of EU subsidies for economic development on the Hungarian SME sector WP 2017/7 – László Békési –Lóránt Kaszab– Szabolcs Szentmihályi: The EAGLE model for Hungary- a global perspective WP 2017/6 – Steven Ongena–Ibolya Schindele–Dzsamila Vonnák: In Lands of Foreign Currency Credit, Bank Lending Channels Run Through? WP 2017/5 – Zsuzsanna Hosszú –Bence Mérő : An agent based Keynesian model with credit cycles and countercyclical capital buffer WP 2017/4 – Álmos Telegdy: Public Wage Spillovers: The Role of Individual Characteristics and Employer Wage Policies WP 2017/3 – Péter Lang: A model of bank behaviour for the assessment of the potential balance sheet impact of the NSFR liquidity requirement WP 2017/2 – Makram Khalil: Cross-border portfolio diversification under trade linkages WP 2017/1 – Gábor Fukker: Harmonic distances and systemic stability in heterogeneous interbank networks WP 2016/4 – László Békési–Csaba Köber – Henrik Kucsera –Tímea Várnai – Balázs Világi: The macroeconomic forecasting model of the MNB WP 2016/3 – Pálma Mosberger: Accounting versus real production responses among firms to tax incentives: bunching evidence from Hungary WP 2016/2 – Christoph Freudenberg–Tamás Berki–Ádám Reiff: A Long-Term Evaluation of Recent Hungarian Pension Reforms WP 2016/1 – Zsuzsanna Hosszú: The impact of credit supply shocks and a new FCI based on a FAVAR approach WP 2015/5 – Lajos Tamás Szabó: Estimates of the Non-accelerating Inflation Rate of Unemployment (NAIRU) for Hungary WP 2015/4–Eyno Rots: Learning and the Market for Housing WP 2015/3–Tamás Ilyés–Lóránt Varga: A General Equilibrium Approach of Retail Payments WP 2015/2 -Marianna Endresz- Peter Harasztosi- Robert P. Lieli: The Impact of the Magyar Nemzeti Bank's Funding for Growth Scheme on Firm Level Investment WP 2015/01 – Lóránt Kaszab–Ales Marsal: Explaining Bond and Equity Premium Puzzles Jointly in a DSGE Model WP 2014/03 – Dániel Felcser–Balázs Vonnák: Carry Trade, Uncovered Interest Parity and Monetary Policy WP 2014/02 – Orsolya Csortos–Zoltán Szalai: Early warning indicators: financial and macroeconomic imbalances in Central and Eastern European countries WP 2014/01 – Marianna Endrész–Péter Harasztosi: Corporate Foreign Currency Borrowing and Investment. The Case of Hungary WP 2013/03 - Zalán Kocsis: Global, Regional and Country-Specific Components of Financial Market Indicators: An Extraction Method and Applications WP 2013/02 – Ádám Reiff–Judit Várhegyi: Sticky Price Inflation Index: An Alternative Core Inflation Measure WP 2013/01 – Katalin Szilágyi–Dániel Baksa–Jaromir Benes–Ágnes Horváth–Csaba Köber–Gábor D. Soós: The Hungarian Monetary Policy Model WP 2012/07 – Péter Benczúr–Gábor Kátay–Áron Kiss: Assessing changes of the Hungarian tax and transfer system: A general-equilibrium microsimulation approach WP 2012/08 – Mariann Endrész–Győző Gyöngyösi–Péter Harasztosi: Currency mismatch and the sub-prime crisis: firm-level stylised facts from Hungary WP 2012/06 – Csaba Csávás–Szilárd Erhart–Dániel Felcser–Anna Naszódi: Which Aspects of Central Bank Transparency Matter? Constructing a Weighted Transparency Index WP 2012/05 Balázs Krusper: The role of external and country specific factors in Hungarian inflation developments WP 2012/04 Cecília Hornok: Need for Speed: Is Faster Trade in the EU Trade-creating? WP 2012/03 – Kornél Kisgergely: Is there a carry trade channel of monetary policy in emerging countries? WP 2012/02 – Alexander Jung–Gergely Kiss: Voting by monetary policy committees: evidence from the CEE inflation-targeting countries WP 2012/01 – Gábor Pellényi: The Sectoral Effects of Monetary Policy in Hungary: A Structural Factor Analysis WP 2011/10 – Balázs Sisak: What drives cash demand? Transactional and residual cash demand in selected countries WP 2011/11 – Áron Kiss–Pálma Mosberger: The elasticity of taxable income of high earners: Evidence from Hungary WP 2011/12 – Péter Harasztosi: Growth in Hungary 1994-2008: The role of capital, labour, productivity and reallocation WP 2011/9 – Gábor Kátay: Downward Wage Rigidity in Hungary WP 2011/8 – Zoltán Szalai: Asset prices and financial imbalances in CEE countries: macroeconomic risks and monetary strategy WP 2011/7 – Bálint Tamási – Balázs Világi: Identification of credit supply shocks in a Bayesian SVAR model of the Hungarian Economy WP 2011/6 – István Kónya: Convergence and Distortions: the Czech Republic, Hungary and Poland between 1996–2009 WP 2011/5 – Alessia Campolmi–Ester Faia–Roland Winkler: Fiscal Calculus in a New Keynesian Model with Labor Market Frictions WP 2011/4 – Alessia Campolmi – Stefano Gnocchi: Labor Market Participation, Unemployment and Monetary Policy WP 2011/3 – Anna Naszódi: Beating the Random Walk in Central and Eastern Europe by Survey Forecasts WP 2011/2 – Anna Naszódi: Testing the asset pricing model of exchange rates with survey data WP 2011/1 – Marianna Endrész: Business fixed investment and credit market frictions. A VECM approach for Hungary WP 2010/12. Péter Gábriel: Household inflation expectations and inflation dynamics WP 2010/11. Zoltán M. Jakab-Éva Kaponya: A Structural Vector Autoregressive (SVAR) Model for the Hungarian labour market WP 2010/10. Yuliya Lovcha–Alejandro Perez-Laborda: Is exchange rate – customer order flow relationship linear? Evidence from the Hungarian FX market WP 2010/9. Philip Du Caju–Gábor Kátay –Ana Lamo–Daphne Nicolitsas–Steven Poelhekke: Inter-industry wage differentials in EU countries: what do cross-country time varying data add to the picture? WP 2010/8. László Bokor: Optimality criteria of hybrid inflation-price level targeting WP 2010/7. András Rezessy: Analysing currency risk premia in the Czech Republic, Hungary, Poland and Slovakia WP 2010/6. Alessia Campolmi–Harald Fadinger– Chiara Forlati: Trade policy: home market effect versus terms of trade externality WP 2010/4. Zoltán M. Jakab–Henrik Kucsera–Katalin Szilágyi–Balázs Világi: Optimal simple monetary policy rules and welfare in a DSGE Model for Hungary WP 2010/5. Katrin Rabitsch: The role of financial market structure and the trade elasticity for monetary policy in open economies WP 2010/3. Péter Karádi - Ádám Reiff: Inflation asymmetry, menu costs and aggregation bias – A further case for state dependent pricing WP 2010/2. Ádám Reiff: Firm-level adjustment costs and aggregate investment dynamics – Estimation on Hungarian data WP 2010/1. Balázs Vonnák: Risk premium shocks, monetary policy and exchange rate pass-through in the Czech Republic, Hungary and Poland WP 2009/5: Gábor Kátay - Benedek Nobilis: Driving Forces Behind Changes in the Aggregate Labour Force Participation in Hungary WP 2009/4: Elvira Prades - Katrin Rabitsch: Capital liberalization and the US external imbalance WP 2009/3. Michael Frömmel - Norbert Kiss M. - Klára Pintér: Macroeconomic announcements, communication and order flow on the Hungarian foreign exchange market WP 2009/2. Mirco Tonin: Minimumwage and tax evasion: theory and evidence WP 2009/1. Zoltán Reppa: A joint macroeconomic-yield curve model for Hungary WP 2008/9. Zoltán M. Jakab-Balázs Világi: An estimated DSGE model of the Hungarian economy WP 2008/8. Gábor Kátay: Do Firms Provide Wage Insurance Against Shocks? – Evidence from Hungary WP 2008/7. Péter Bakos-Péter Benczúr-Dóra Benedek: The Elasticity of Taxable Income: Estimates and Flat Tax Predictions Using the Hungarian Tax Changes in 2005 WP 2008/6. Gábor Kátay-Zoltán Wolf: Driving Factors of Growth in Hungary - a Decomposition Exercise WP 2008/5. Alessia Campolmi: Oil price shocks: Demand vs Supply in a two-country model