This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

This paper gauges the potential effects on employment of rebalancing China''s exportoriented growth model toward domestic demand, particularly private consumption. Shifting to a private consumption-led growth likely means more demand for existing and new services as well as reorienting the...

Since 1978 the Chinese economy has grown on average more than 9 percenta year. Per capita income has nearly quadrupled in the past 15 years andsome analysts predict that within 20 years the Chinese economy will belarger than that of the United States. This pamphlet analyzes the reasonsfor the...

This paper reviews the recent growth experience of the Greek and Portuguese economies and their determinants, comparing it with the rest of the euro area as well as a large set of other economies. Estimates from fixed effects panel and cross-section regressions are used to estimate how changes...