Optimal simple monetary policy rules and welfare in a DSGE model for Hungary

We explore the properties of welfare-maximizing monetary policy in a medium-scale DSGE model for Hungary. In order to make our results operational from a policymaker's perspective, we approximate the optimal policy rule with a set of simple rules reacting only to observable variables. Our results suggest that 'science of monetary policy' that is found robust in simple models, holds in this medium-scaled setting as well. That is, the welfare-maximizing policy that aims to eliminate distortions associated with nominal rigidities can be approximated by a simple inflation targeting rule. Adding exchange rate into the feedback rule only marginally improves the stabilization properties of the policy rule. However, a rule reacting to wage inflation can be significantly welfare-improving. These results may suggest that in our medium-sized model the distortions associated with sticky wage setting have at least as important welfare implications as those related to the price stickiness in product markets

Private Narratives and Infant Views: Iconizing 1970s Militancy in Contemporary Argentine Cinema

This is the author's accepted manuscript, made available with the permission of the publisher.This article analyses the connections between the subjective turn in the representation of militancy, iconicity, and historical examination in Infancia clandestina, a recent Argentine film that portrays the 1970s armed struggle through a child’s lens. Breaking with the leading interpretation that praises the movie because of its original exposition of left-leaning violence, I contend that this coming-of-age story fits within a version of militancy that originated in the mid-1990s and that has become quite common since the advent of the Kirchner administration in 2003. This particular version relies on a privatized and archaic image of activism that is at the core of the global iconization of 1970s militancy. An analysis of the filmic use of an infant perspective and of anime-style cartoons illuminates how contemporary Argentine cinema both registers and participates in this iconizing process