The Magyar Nemzeti Bank attaches great importance to making central bank analyses on various current economic and financial trends of general interest available to the wider public. The May 2013 issue of the MNB Bulletin provides an overview of the dilemmas about nominal GDP targeting, the factors of unhedged foreign currency exposure in Hungary, the possible effects of the financial crisis on potential output, the impact of the European regulation on uncovered CDS positions and the ways in which real economic considerations can be reflected in the MNB's Monetary Policy Model. Furthermore, the Bulletin features a roundtable discussion with reputed economist Olivier Blanchard.

Csermely, Ágnes and Máté Barnabás Tóth: Nominal GDP targeting: what are central bankers talking about?

Endrész, Marianna, Győző Gyöngyösi and Péter Harasztosi: Corporate sector currency mismatch in Hungary

Gábriel, Péter and Gergő Motyovszky: Possible impacts of the financial crisis on potential output

Horváth, Dániel, Zsolt Kuti and Imre Ligeti: Is the CDS spread still a reliable risk indicator? The impact of the European regulation on uncovered CDS positions on market developments in the Central and Eastern European region

Krusper, Balázs and Katalin Szilágyi: How can an interest rate rule reflect real economic considerations?

Blanchard, Olivier: MNB panel discussion with Olivier Blanchard

The complete volume can be downloaded here:

MNB Bulletin May 2013