This paper seeks to advance the discussion of monetary policy strategies in several ways. One involves a comparison of targets for nominal GNP and the price level, with emphasis on specificational robustness and implications for output variability. A second pertains to various “indicator”...

This paper examines the dynamics of the foreign exchange market. The first half addresses a number of key questions regarding the forecasts of future exchange rates made by market participants, by means of updated estimates using survey data. Here we follow most of the theoretical and empirical...

This paper discusses the estimation of models of the term structure of interest rates. After reviewing the term structure models, specifically the Nelson-Siegel Model and Affine Term- Structure Model, this paper estimates the terms structure of Treasury bond yields for the United States with...

This Report on the Observance of Standards and Codes Data Module provides a review of Burkina Faso’s data dissemination practices against the IMF’s general data dissemination system, complemented by an in-depth assessment of the quality of national accounts, consumer price,...

This Report on the Observance of Standards and Codes (ROSC) data module provides a review of Morocco’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by an in-depth assessment of the quality of the national accounts, consumer...

This Selected Issues paper analyzes the sources of Mexico’s economic growth since the 1960s, and compares various decompositions of historical growth into trend and cyclical components. The role of the implied output gaps in the inflation process is assessed. The paper presents...

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

The paper uses survey data to analyze whether financial market expectations on government budget deficits changed in France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact (SGP). Our findings indicate that accuracy of financial expert deficit forecasts...

This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We examine some basic macrofinancial linkages of an SWF's strategic asset allocation (SAA) strategies with regard to the government budget, monetary...