Monetary and Exchange Rate Policy

Monetary policy and the framework in which it operates have profound effects on economic outcomes over both the short and long term and are continually analysed. These effects depend on the exchange rate regime in place and hence form a part of the analytical studies undertaken.
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Speed of adjustment to selected labour market and tax reforms

29-Oct-2008

This paper examines the nature and the length of economic adjustments to selected structural reforms, drawing on a variety of approaches: descriptive analysis and simulations using Dynamic General Equilibrium and macro-economic neo-Keynesian models.

The challenges of monetary policy in Turkey

16-Oct-2008

Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007.

Bridging the housing gap in Poland

03-Oct-2008

Despite a high level of homeownership, the housing market in Poland is suffering from an important shortage. The difference between the number households and available dwellings, the number of dwellings per thousand inhabitants, and the availability of basic amenities (especially in rural areas) all indicate that significant improvements are needed to catch up to the most affluent OECD and EU countries.

Indonesia: Growth performance and policy challenges

23-Sep-2008

Indonesia’s growth performance is improving, following a slow recovery from the 1997-98 financial crisis. Investment is picking up, despite considerable business climate obstacles to entrepreneurship. This paper argues that the main barriers to raising the economy’s growth potential are to be found on the supply side of the economy.

Quantifying the effect of financial conditions on US activity

15-Sep-2008

This paper constructs a broad measure of financial conditions for the United States which suggests that since the onset of the credit crisis there has been a marked tightening in financial conditions, despite a substantial easing of policy rates and a depreciation of the dollar.

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Economic Survey of Japan 2008

Economic survey of Japan 2008