This article discuses the identification of Generalised Rational Expectations Models. It is shown that the necessary and sufficient conditions for local identification of the Quasi-Structural Form (Q-SF) derive from the first derivatives of the Non-Linear Instrumental Variables (NLIV) criterion....

Stressing the inßuence of expected devaluation on currency crises, this paper shows that, in a fixed exchange-rate system with an escape clause, partial delegation of exchange-rate policy to an inßation-averse central banker reduces the probability of crisis.

In recent years, a growing number of Emerging Market Economies, as well as most advanced countries, have witnessed growth of pension funds as institutional investors. This has often occurred in the wake of pension reform shifting retirement income provision from pay-as-you-go to funding. The...