Long-term investors face a common problem-how to maintain the purchasing power of their assets over time and achieve a level of real returns consistent with their investment objectives. While inflation-linked bonds and derivatives have been developed to hedge the effects of inflation, their...

One of the most challenging areas relating to the European Monetary Union (EMU) enlargement is the question of new member countries’ vulnerability to exogenous shocks related to euro adoption. Even if well prepared, and also considering the business cycles of the EMU candidate countries became...

The paper challenges the traditional view that nominal money is long-run neutral; it is shown that chronic monetary contractions between 1970 and 1990 were associated with significantly below-average real output growth rates in a broad sample of countries. The paper also examines the real per...

The paper examines money-output and price-output relations in developed countries between 1980 and 2005. We observe that declines in the nominal monetary base are connected with a moderately below-average behaviour of the real output. The same result applies for small positive growth rates of...

El presente trabajo tiene por objeto investigar la eficiencia de la curva de rendimientos para predecir la actividad económica real en el área del Euro. Durante los últimos veinte años, diversos estudios han demostrado que la curva de rendimientos es un indicador adelantado,...

The annual structure of real output in the G7 countries is investigated in this article by means of fractional integration techniques. However, instead of using the classical ARMA specifications for describing the short-run components of the series, we use an approach due to Bloomfield (1973)....

The text is analyzing the requirements of the institutional reconstruction for the running of the macroeconomic system. A number of concepts concerning the macroeconomic structure, the social validation, structural economy, output and input within the macroeconomic process, the effect of the...

This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II...

The IMF's internal analysis of exchange rate issues has been guided by, and limited by, the conceptual and empirical frameworks that have emerged from the collective research of the economics profession. The research has provided several general approaches that are useful for assessing whether...

How to entrench hard-won gains, increase resilience to shocks, and improve growth performance to reduce poverty? As Central America moves forward in regaining macroeconomic stability, these are the challenges. This study analyzes Central America’s real, fiscal, monetary, and financial...