In most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate...

The paper developes a VAR macrofinance model of the Czech economy. It shows that yield misalignments from the yields implied by the macrofinance model partially determine subsequent yield changes over three to nine months. These yield misalignments tend to persist for a number of months. This...

This paper compares the SDR in terms of its risk-return characteristics relative to those of its five components and, on this basis, finds that the SDR has performed favorably over the period under review. In addition, several efficient portfolios including the SDR and its components are...

One plausible mechanism through which financial market shocks may propagate across countries is through the effect of past gains and losses on investors'' risk aversion. We first present a simple model on how heterogeneous changes in investors'' risk aversion affect portfolio decisions and stock...

This Report on the Observance of Standards and Codes (ROSC) data module provides an assessment of Italy’s macroeconomic statistics against the Special Data Dissemination Standard (SDDS) complemented by an assessment of data quality based on the IMF’s Data Quality Assessment...

Dutch macroeconomic statistics are generally in accordance with internationally accepted standards and guidelines on concepts and definitions, scope, classification and sectorization, and basis for recording. They are also available with periodicity and timeliness that always meet, and sometimes...

The data quality assessment shows that Kazakhstan is in observance of the Special Data Dissemination Standard, meeting the specifications for coverage, periodicity, timeliness, and the dissemination of advance release calendars. Executive Directors have suggested a set of recommendations that...

The quality of the macroeconomic statistics for Malta has improved significantly in recent years, particularly as a result of the legal and institutional restructuring of the National Statistics Office (NSO). These changes were made in an effort to respond more effectively to the needs of users...

Data dissemination practices in Bosnia and Herzegovina meet many of the General Data Dissemination System recommendations for dissemination of macroeconomic statistics in terms of coverage, periodicity, and timeliness. Executive Directors suggest strengthening the mandate of the Bosnia and...

The report gives details of the economic analysis for the implementation of Chile's inflation targeting framework. It reviews the current state of liquidity in the Chilean fixed-income markets and developments and impediments to the supply of corporate bonds to the market. The paper considers a...