An Open Economy DSGE Model with Search-and-Matching Frictions: The Case of Hungary

References

• Adolfson, M.; S. Laséen; J. Lindé; and M. Villani. 2007. “Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-Through.” Journal of International Economics 72, no. 2: 481–511.
   Web of Science ®Google Scholar
• Albertini, J.; G. Kamber; and M. Kirker. 2011. “An Estimated Small Open Economy Model with Frictional Unemployment.” Reserve Bank of New Zealand, Discussion Paper Series DP 2011/04.
   Google Scholar
• Andolfatto, D. 1996. “Business Cycles and Labor-Market Search.” American Economic Review 86, no. 1: 112–132.
   Web of Science ®Google Scholar
• Arseneau, D., and S. Chugh. 2012. “Tax Smoothing in Frictional Labor Markets.” Journal of Political Economy 120, no. 5: 926–985.
   Web of Science ®Google Scholar
• Benczúr, P., and I. Kónya. 2012. “Interest Premium, Sudden Stop, and Adjustment in a Small Open Economy.” Mimeo.
   Google Scholar
• Benczúr, P., and A. Rátfai. 2014. “Business Cycles Around the Globe: Some Key Facts.” Emerging Markets Finance and Trade 50, no. 2: 102–109.
   Web of Science ®Google Scholar
• Berument, M. H.; N. Dogan; and A. Tansel. 2009. “Macroeconomic Policy and Unemployment by Economic Activity: Evidence from Turkey.” Emerging Markets Finance and Trade 45, no. 3: 21–34.
   Web of Science ®Google Scholar
• Bewley, T. 1999. Why Wages Don’t Fall During a Recession. Cambridge, MA: Harvard University Press.
   Google Scholar
• Blanchard, O., and J. Gali. 2007. “Real Wage Rigidities and the New Keynesian Model.” Journal of Money, Credit and Banking 39, no. s1: 35–65.
   Google Scholar
• Bodart, V.; O. Pierrard; and H. Sneessens. 2006. “Calvo Wages in a Search Unemployment Model.” IZA Discussion Papers 2521, Institute for the Study of Labor (IZA).
   Google Scholar
• Campolmi, A., and S. Gnocchi. 2011. “Labor Market Participation, Unemployment and Monetary Policy.” MNB Working Paper 2011/4, Magyar Nemzeti Bank.
   Google Scholar
• Christoffel, K.; K. Kuester; and T. Linzert. 2006. “Identifying the Role of Labor Markets for Monetary Policy in an Estimate DSGE Model.” Working Paper Series 635, European Central Bank.
   Google Scholar
• Elsby, M.; B. Hobijn; and A. Sahin. 2013a. “Unemployment Dynamics in the OECD.” The Review of Economics and Statistics 95, no. 2: 530–548.
   Web of Science ®Google Scholar
• Elsby M.; B. Hobijn; and A. Sahin. 2013b. “On the Importance of the Participation Margin for Market fluctuations.” Working Paper Series 2013–05, Federal Reserve Bank of San Francisco.
   Google Scholar
• Erceg, C.; D. Henderson; and A. Levin. 2000. “Optimal Monetary Policy with Staggered Wage and Price Contracts.” Journal of Monetary Economics, 46, no. 2: 281–313.
   Web of Science ®Google Scholar
• Faia, E. 2008. “Optimal Monetary Policy Rules with Labor Market Frictions.” Journal of Economic Dynamics and Control, 32, no. 5: 1600–1621.
   Web of Science ®Google Scholar
• Fujita, S., and G. Ramey. 2007. “Job Matching and Propagation.” Journal of Economic Dynamics and control 31, no. 11: 3671–3698.
   Web of Science ®Google Scholar
• Galuscak, K.; M. Keeney; D. Nicolitsas; F. Smets; P. Strzelecki; and M. Vodopivec. 2012. “The Determination of Wages of Newly Hired Employees: Survey Evidence on Internal Versus External Factors.” Labour Economics 19, no. 5: 802–812.
   Web of Science ®Google Scholar
• García-Cicco, J.; R. Pancrazi, and M. Uribe. 2010. “Real Business Cycles in Emerging Countries?” American Economic Review 100, no. 5: 2510–2531.
   Web of Science ®Google Scholar
• Gertler, M.; L. Sala.; and A. Trigari. 2008. “An Estimated Monetary DSGE Model with Unemployment and Staggered Nominal Wage Bargaining.” Journal of Money, Credit and Banking 40, no. 8: 1713–1764.
   Web of Science ®Google Scholar
• Haefke, C.; M. Sonntag; and T. Van Rens. 2013. “Wage Rigidity and Job Creation.” Journal of Monetary Economics 60, no. 8: 887–889.
   Web of Science ®Google Scholar
• Hagedorn, M., and I. Manovskii. 2008. “The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited.” American Economic Review 98, no. 4: 1692–1706.
   Web of Science ®Google Scholar
• Hobijn, B., and A. Sahin. 2009. “Job-Finding and Separation Rates in the OECD.” Economics Letters 100, no. 3: 107–111.
   Google Scholar
• Jakab, Z.; V. Várpalotai; and B. Vonnák. 2006. “How Does Monetary Policy Affect Aggregati Demand? A Multimodel Approach for Hungary.” MNB Working Paper 2006/4, Magyar Nemzeti Bank.
   Google Scholar
• Jakab, M. Z., and B. Világi. 2008. “An Estimated DSGE Model of the Hungarian Economy” MNB Working Paper 2008/9, Magyar Nemzeti Bank.
   Google Scholar
• Kézdi, G., and I. Kónya. 2011. “Wage Setting in Hungary: Evidence from a Firm Survey.” Working Paper Series 1378, European Central Bank.
   Google Scholar
• Kónya, I., and M. Krause. 2009. “Wage and Labor Market Dynamics in Europe and the United States.” Mimeo.
   Google Scholar
• Magyari, I. 2010. “Disentangling the Impact of Eurozone Interest Rate Movements on CEECs’ Business Cycle Fluctuations: The Role of Country Spread.” Master’s Thesis; Central European University.
   Google Scholar
• Merz, M. 1995. “Search in the Labor Market and the Real Business Cycle.” Journal of Monetary Economics 36, no. 2: 269–300.
   Web of Science ®Google Scholar
• Mortensen, D., and C. Pissarides. 1994. “Job Creation and Job Destruction in the Theory of Unemployment.” Review of Economic Studies 61, no. 3: 397–415.
   Web of Science ®Google Scholar
• Petrongolo, B., and Pissarides, C. 2001. “Looking into the Black box: A Survey of the Matching function.” Journal of Economic Literature 39, no. 2: 390–431.
   Web of Science ®Google Scholar
• Pissarides, C. 2009. “The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?” Econometrica, 77, no. 5: 1339–1369.
   Web of Science ®Google Scholar
• Schmitt-Grohe, S., and M. Uribe. 2003. “Closing Small Open Economy Models.” Journal of International Economics 61, no. 1: 163–185.
   Web of Science ®Google Scholar
• Shimer R. 2005. “The Cyclical Behavior of Equilibrium Unemployment and Vacancies.” American Economic Review 95, no. 1: 25–49.
   Web of Science ®Google Scholar
• Smets, F., and R. Wouters. 2003. “An Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area.” Journal of the European Economic Association 1, no. 5: 1123–1175.
   Web of Science ®Google Scholar
• Stahler, N., and C. Thomas. 2012. “FiMod — A DSGE Model for Fiscal Policy Simulation.” Economic Modelling 29, no. 2: 239–261.
   Web of Science ®Google Scholar
• Trigari, A. 2006. “The Role of Search Frictions and Bargaining for Inflation Dynamics.” IGIER Working Paper No. 304, Bocconi University.
   Google Scholar
• Vonnák, B. 2007. “The Hungarian Monetary Transmission Mechanism: an Assessment.” MNB Working Paper 2007/3, Magyar Nemzeti Bank.
   Google Scholar
• Vonnák, B. 2010. “Risk Premium Shocks, Monetary Policy and Exchange Rate Pass-Through in the Czech Republic, Hungary and Poland.” MNB Working Paper 2010/1, Magyar Nemzeti Bank.
   Google Scholar
• Yashiv, E. 2006. “Evaluating the Performance of the Search and Matching Model.” European Economic Review 50, no. 4: 909–936.
   Web of Science ®Google Scholar
• Yilmazkuday, H. 2008. “Structural Breaks in Monetary Policy Rules: Evidence from Transition Countries.” Emerging Markets Finance and Trade 44, no. 6: 87–97.
   Web of Science ®Google Scholar