Hungarian Monetary Policy Operations Before, During, and After the Pandemic: Hungary

February 26, 2023

Preview Citation

Format: Chicago

Tonny Lybek. Hungarian Monetary Policy Operations Before, During, and After the Pandemic: Hungary, (USA: International Monetary Fund, 2023) accessed December 21, 2024

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.

Subject: International organization, Monetary policy

Keywords: Hungarian monetary operations, Unconventional monetary instruments

Publication Details

Pages:

31
Volume:

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DOI:

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Issue:

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Series:

Selected Issues Paper No. 2023/005
Stock No:

SIPEA2023005
ISBN:

9798400234866
ISSN:

2958-7875

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