This paper examines the formation of expectations about future inflation over long horizons. A key issue that agents must confront is the possibility that the economic policy framework— especially the monetary policy regime—could change at some future date. Agents are likely to base...

Intro -- Contents -- Preface -- Acknowledgments -- The Global Outlook for Government Debt over the Next 25 Years: Implications for the Economy and Public Policy -- Overview -- Introduction -- Projected Paths of Government Debt -- The Burden of Debt and Fiscal Limits -- Paths to Safety --...

We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental...