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Nominális sokkok átmeneti reálhatása egy kétszektoros növekedési modellben
[The temporary real effect of nominal shocks in a two-sector model of growth]

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  • Benczúr, Péter

Abstract

A szerző egy kétszektoros növekedési modellt használ különféle nominális sokkok (fiskális, illetve árfolyam-politika) szektorokra és termelési tényezőkre gyakorolt hatásainak vizsgálatára. Egy kis, nyitott gazdaság neoklasszikus modelljéből indul ki, amit fokozatos tőkealkalmazkodással és a pénzmennyiség szerepével („pénz a hasznosságban”) bővít. Ennek eredményeképpen egy keresletélénkítő nominális sokk (fiskális expanzió vagy a nominális árfolyam felértékelése) megnöveli a pillanatnyi fogyasztást (a pénz szerepe miatt), ami emeli a szolgáltatások árait (a fokozatosan alkalmazkodó tőke miatt a rövid távú transzformációs görbe nemlineáris). Mindez megváltoztatja a termelési tényezők árát, a munka-tőke arányokat, valamint a tőke és munka szektoronkénti felhasználását. A magas szolgáltatási árszint megnöveli a hazai jövedelmeket, ezzel visszamenőleg alapot teremtve a kezdeti többletkereslet egy részének. A mechanizmus révén a nominális sokkok viszonylag tartós hatással lesznek reálváltozókra (relatív árakra, tényezőárakra, tőkefelhalmozásra), ami csak fokozatosan hal ki a fölös pénzmennyiség távoztával (külkereskedelmi hiány). A modell párhuzamba állítható az árfolyamalapú dezinflációt elemző irodalommal is.* Journal of Economic Literature (JEL) kód: F32, F41, F43.

Suggested Citation

  • Benczúr, Péter, 2004. "Nominális sokkok átmeneti reálhatása egy kétszektoros növekedési modellben [The temporary real effect of nominal shocks in a two-sector model of growth]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 101-126.
    • Handle: RePEc:ksa:szemle:663
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    References listed on IDEAS

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    1. Dornbusch, Rudiger & Mussa, Michael, 1975. "Consumption, Real Balances and the Hoarding Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 415-421, June.
    2. Sergio Rebelo & Carlos A. Végh, 1995. "Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories," NBER Chapters, in: NBER Macroeconomics Annual 1995, Volume 10, pages 125-188, National Bureau of Economic Research, Inc.
    3. Simon, András & Várpalotai, Viktor, 2001. "Eladósodás, kockázat és óvatosság [Optimal indebtedness in a small open economy showing precautionary behaviour]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 363-392.
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    More about this item

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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