Research

Published 

• The Endogenous Growth and Asset Prices Nexus Revisited with Closed-form Solution. 2024 (with Palma Filep-Mosberger).
  Finance Research Letters  (Online Appendix).  68:105986. 

• Asset Pricing with Costly and Delayed Firm Entry (wp version)(with Ales Marsal and Katrin Rabitsch)
  Macroeconomic Dynamics (2023), 28(4):855-879.

•  Asset Pricing with Free Entry and Exit of Firms (wp version)  (with Ales Marsal and Katrin Rabitsch)  
  Economics Letters (2022) (online appendix) 217:110648.

•  Spillover Effects of the European Central Bank's Asset Purchases to Countries in Central and Eastern Europe (with Mark Antal)
  Economic Modelling (2022), 113:105868.  (online appendix)

• Interest Rate Rules and Inflation Risks in a Macro-Finance Model   (with Roman Horvath and Ales Marsal) 
  Scottish Journal of Political Economy (2022), 69(4):416-440. (wp version)

• Fiscal Policy and the Nominal Term Premium (with Roman Horvath and Ales Marsal)

Journal of Money, Credit and Banking (2022), 54(2-3):663-683.  (wp version)

• Equity Premium and Monetary Policy in a Model with Limited Asset Market Participation

Economic Modelling (2021), 95:430-440 (with Roman Horvath and Ales Marsal) (wp version)

• Determinants of Fiscal Multipliers Revisited (joint with Roman Horvath, Ales Marsal and Katrin Rabitsch) 

Journal of Macroeconomics (2020), 63:103162 (wp version)

• Rule-of-Thumb Consumers and Labour Tax-Cut Policy at the Zero Lower Bound

International Journal of Central Banking (2016), 12(3):353-390.  (wp version with Online Appendix)

Working Papers

• Is Green Transition Painful?---An Endogenous Growth Perspective (with Tamás Szőke)

• Procyclical Dividends, Endogenous Growth and Monetary Policy (with Palma Filep-Mosberger)

• Asset Prices, Growth, and Endogenous Wage Inertia (2025) (with Joseph Alba, Ammu George and Taojun Xie)

• Currency Mismatch Exposure and Exchange Rate Shock: Impact on the Bank Lending Channel (with Palma Filep-Mosberger and Zhou Ren)

• Asset Pricing Implications of Patent Obsolescence in Endogenous Growth Models  (version 2 with right panel of Fig 2 corrected)(with Palma Filep-Mosberger and Zhou Ren ) 

• From Linear to Nonlinear: Rethinking Inflation Dynamics in the Calvo Pricing Mechanism,  September 2023.  (with Ales Marsal and Katrin Rabitsch) 

Main message: the paper introduces 'stability region' for which non-explosive non-linear solution  (third-order perturbation as well as global) exists.  Previous (and very different) versions of this work have been circulated under the titles 'Undesired Consequences of Calvo Pricing in a Nonlinear World' and 'Trend inflation meets macro-finance: the puzzling behavior of price dispersion', NBS Working paper 6/2019, or WU Economics Working Paper #304, 2020.  

• Endogenous Growth, Countercyclical Dividends, and Asset Prices (under revision) (with Palma Filep-Mosberger and Zhou Ren)

• Fiscal Policy and the Term Structure of Interest Rates in a DSGE Model  (with Roman Horvath and Ales Marsal) NBS WP 3/2017; 

Policy-related Work

• Supply shocks and demand recession: challenges for monetary policy. (Kínálati sokkok és keresleti recesszió: kihívások a monetáris politika számára) (book chapter in Hungarian) edited by Pál Kolozsi (forthcoming). 

• New approaches in the economics of climate change (joint with Endre Morvay, Balázs Világi, and Balázs Vonnák) in Sustainbility in Economics (Fenntarthatóság a közgazdaság-tudományban) edited by Péter Halmai (book chapter in Hungarian) (2024) 

• Estimating the potential effects of the EU's Green Deal package on Germany and Hungary through the lenses of the EAGLE model with government investment (2023) (joint with Peter Gabriel)

• Laffer curves for Hungary (with Peter Gabriel) Hitelintézeti Szemle (Financial and Economic Review)  (2019, also available in Hungarian)

• "The impact of new economic approaches on the conduct of monetary policy" (with Szilárd Benk and Kristóf Lehmann)  in „The Hungarian Way---Targeted Central Bank Policy" edited by Kristóf Lehmann, Dániel Palotai and Barnabás Virág. book chapter in both English and Hungarian. (2017)

• Evaluating Macro-Prudential Policies for Hungary Using the EAGLE FLI model (with Gabor Fukker)  (MNB Working Papers 2019/1.)  presented at EAGLE working group Frankfurt 2017 and the Central Bank of Hungary.

• The EAGLE model for Hungary (with Laszlo Bekesi and Szabolcs Szentmihalyi) (also available in Hungarian) presented at EAGLE working group Frankfurt 2016 and the Central Bank of Hungary. MNB WP 2017/7.

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All my papers can also be  found on IDEAS/Repec.