This study assesses macroeconomic volatility in Costa Rica, based largely on politically weak governments` inability or unwillingness to effect key reforms. Notable problems include volatility-prone fiscal and monetary policy, structurally weak public finances due to large domestic debts and...

This paper studies the relationship between macroeconomic behaviour and the monetary policy regime in Hong Kong and 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...

An important stylized fact to emerge from the VAR estimates is that exogenous monetary policy shocks (also labelled unsystematic monetary policy) have a delayed, persistent, hump shaped effect on in.ation. I argue that this empirical pattern is fragile. In particular it disappears when one...