Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that...

Developing East Asia has led the way in showing how rapid and broadly shared growth can lift millions out of poverty. And, as this book shows, the region has achieved even more: the wave of prosperity across the region since the 1980s has lifted three out of five of its citizens into economic...