This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of...

This 2015 Article IV Consultation highlights that the Australia's economy is now facing a large transition as the mining investment boom winds down and the terms of trade has fallen back. Growth has been below trend for two years. Annualized GDP growth was about 2.2 percent in the first half of...

Early and decisive measures successfully prevented an outbreak of COVID-19 in Nauru, and as of January 2022 there have been no COVID-19 cases on the island. Strong pandemic policy measures supported the economy, which continued to expand in FY20 and FY21. Nauru's remoteness and size constrain...