This paper examines the extent to which conclusions of cross-country studies of private savings are robust to allowing for the possible heterogeneity of savings behavior across countries and the inclusion of dynamics. It shows that neglecting heterogeneity and dynamics can lead to misleading...

This paper considers the demand for various monetary aggregates with a view to assessing their potential roles as intermediate variables for monetary policy. Illustrative estimates using a generalized autoregressive distributed lag model are presented. For M1, the results support an “error...

This paper presents an econometric model of U.S. current account transactions. The model is used to analyze the factors behind the deterioration in the U.S. external position during the 1980s and to examine the sensitivity of the U.S. current account balance to changes in factors which are its...

The 2008 crisis underscored the interconnectedness of the international business cycle, with U.S. shocks leading to the largest global slowdown since the 1930s. We estimate spillover effects across major advanced country regions in a structural VAR (SVAR) using pre-crisis data. Our new method...

The Report on the Observance of Standards and Codes (ROSC) Data Module provides a review of Greece’s data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS), complemented by the in-depth assessment of the quality of Greece’s national accounts, consumer...

The report on Thailand’s Observance of Standards and Codes examines Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. Thailand possesses a well-developed macroeconomic statistical system, with much strength that spans all of the...

This Report on the Observance of Standards and Codes—Data Module provides an assessment of Israel’s macroeconomic statistics against the Special Data Dissemination Standard complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework, July 2003. The...

This report on the Observance of Standards and Codes data module provides a review of Malawi’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by the in-depth assessment of the quality of five macroeconomic datasets. With the exception of...

This Report on the Observance of Standards and Codes data module provides an assessment of Chile’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 Framework. The...