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Posted on May 20th, 2012
This paper presents an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest rate responds more than proportionally to inflation. The authors show that conditions under which these rules generate aggregate instability by inducing liquidity traps, [...]
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Posted on May 17th, 2012
CPI inflation stood at 3.5% in March 2012, down from a peak of 5.2% in September 2011. That fall reflected the effects of earlier increases in energy prices and VAT dropping out of the twelve-month inflation rate. The prospects for inflation are uncertain. The near-term outlook is judged to be somewhat higher than [...]
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Posted on May 15th, 2012
Contents:
EDITORIAL
ECONOMIC AND MONETARY DEVELOPMENTS
1 The external environment of the euro area
2 Monetary and financial developments
3 Prices and costs
4 Output, demand and the labour market
ARTICLES
A fiscal compact for a stronger Economic and Monetary Union
Comparing the recent financial crisis in the United States and the euro area with the experience of Japan in the 1990s
ANNEXES
Chronology of monetary [...]
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Posted on May 15th, 2012
The Macroeconomic Review is published twice a year in conjunction with the release of the MAS Monetary Policy Statement. The Review documents the Economic Policy Group’s (EPG) analysis and assessment of macroeconomic developments in the Singapore economy, and shares with market participants, analysts and the wider public, the basis for the policy decisions [...]
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Posted on May 14th, 2012
Barring the realization of downside risks to the global economy, growth in the Asia and the Pacific region is expected to gain momentum over the course of 2012, according to this report, and now projected at 6 percent in 2012, rising to about 6½ percent in 2013. Stronger economic and policy fundamentals have [...]
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85 pages
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