Since its launch in September 2006, the Asian Research Programme has focused on policy-oriented studies for central banks and supervisory authorities in the Asia-Pacific region. Under the programme, the BIS Representative Office for Asia and the Pacific has co-organised a series of conferences,...

This paper offers a justification for and assurance of the efficiency of a monetary policy design that is based on using core inflation as the policy target. Illustrated in a New Keynesian framework where the microeconomic foundation with rigidities of various types is the central feature, the...

This paper aims to outline the role that effective exchange rates, both real and nominal, play in Thailand’s monetary policy framework. It discusses some of the applications that effective exchange rates have been applied to in practice, highlighting some of the limitations that often arise....