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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 …
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the US. Another example that may be less familiar to many people is Singapore (the second fastest growing economy from …
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