As International Monetary Fund(2006) suggested, the inflation rate is less sensitive to business cycles in 1990s than before 1990s in the world. The so called "flattening Phillips curve" becomes the global phenomenon. If this phenomenon is dominant in the world, how does it affect the monetary...

Potential output is the largest amount of products that can be produced by fully utilizing available labor and capital stock; the output gap is defined as the discrepancy between actual and potential output. If data on production factors contain measurement errors, total factor productivity...

In 1993, World Bank defined Hong Kong, Indonesia, Malaysia, Singapore, South Korea, Taiwan, Thailand as HPAEs (High-Performing Asian Economies). World Bank admired their high growth. In this paper, we evaluate the result of total package of their policy, Rapid Growth and Macroeconomic Stability....