Gerlach-Kristen, Petra; Gerlach, Stefan - Bank for International Settlements (BIS) - 2006
Singapore, using data for 1984-2004. We estimate an econometric model, comprising a Phillips curve, an IS curve and an equation … for changes in the nominal effective exchange rate (NEER), which, in the case of Singapore, can be interpreted as a policy … reaction function. The parameter estimates differ in two regards: the NEER responds to inflation in Singapore but not in Hong …