MNB Bulletin November 2007

The Magyar Nemzeti Bank assigns great importance to making available for the wider public those central bank analyses which deal with various current economic and financial developments of general interest. This volume, which contains six studies, is the second issue of the MNB Bulletin, in its second year of publication. It contains theoretical articles (central bank objective functions, interest rate smoothing), analyses of international topics (crisis simulation exercises, cyclical effect of new banking regulations) as well as studies expressly relating to Hungary (financial market information used by the MNB, risks of household indebtedness).

The articles of this volume can be downloaded below:

• Ágnes Csermely–András Rezessy: The theory and practice of interest rate smoothing
• Anna Delikát: Role of financial markets in monetary policy
• Dániel Holló: Household indebtedness and financial stability: Reasons to be afraid?
• Lívia Sánta: The role of central banks in crisis management – how do financial crisis simulation exercises help?
• Máté Barnabás Tóth: Monetary policy rules and a normative approach to the central bank’s objective function
• Balázs Zsámboki: Impacts of financial regulation on the cyclicality of banks’ capital requirements and on financial stability

 The complete volume can be downloaded here