Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/189890
Authors: 
Békési, Lászlo
Kaszab, Lóránt
Szentmihályi, Szabolcs
Year of Publication: 
2017
Series/Report no.: 
MNB Working Papers 2017/7
Abstract: 
In this paper we adopt the Hungarian version of the EAGLE (Euro Area GLobal Economy) model. The version of the EAGLE model used in this paper allows for the high import content of export - a typical feature of small open economies such as Hungary. We study the effects of four globally important shocks on Hungary: i) a slowdown of the Chinese economy, ii) more restrictive US monetary policy, iii) a reduction in oil prices, and iv) more protectionist US trade policy. We found these policies to have nonnegligible indirect effects (beyond the relatively small direct ones) on Hungary mostly due to the workings of the shock to the eurozone which is our main trade partner.
Subjects: 
Multi-country DSGE
price and wage rigidity
EAGLE model
trade matrix
import content of export
local currency pricing
monetary policy shock
consumption preference shock
markup-shock
JEL: 
E12
E13
E52
E58
F11
F41
Document Type: 
Working Paper

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