In 2012, news related the manipulation of LIBOR directed the attention of authorities and the general public to interbank reference rates. International reviews made it clear that a reform of LIBOR and the numerous reference rates that follow the methodology of LIBOR is necessary, because...

This paper addresses questions about the structure of the economy and financial markets raised by recent research on the term structure. The work of Duffee (2012) and Joslin, Preibsch and Singleton (2012) suggests that macroeconomic variables affect risk premia rather than bond yields, which are...

This paper discusses key findings of the Sixth Review under the Poverty Reduction and Growth Facility (PRGF) for Rwanda. All end-2008 quantitative performance criteria were met, and performance through March 2009 was broadly satisfactory. IMF staff recommends completion of the sixth review under...

There is empirical evidence that government actions and interventions prolonged and worsened the financial crisis, because they were based on faulty diagnosis of the problem and did not follow clear predictable principles.

There is a growing interest in studying the disagreement of economic agents. Most studies, however, focus on the disagreement regarding one specific variable, hereby neglecting that disagreement may be comoving with disagreement on other variables. In this paper we explore to which extent...

There is a growing interest in studying the disagreement of economic agents. Most studies, however, focus on the disagreement regarding one specific variable, hereby neglecting that disagreement may be comoving with disagreement on other variables. In this paper we explore to which extent...