How do economic policy mistakes happen? One view is that policy makers are benevolent, and errors arise because economic theories are inadequate. Another is that policy makers pursue sectional interests that may have no relation to any academic consensus on good policy. This paper examines a...

The authors assess the effects of OECD monetary and fiscal policies on Latin America by means of simulation studies using the LBS/NIESR Global Econometric Model and a new empirical model of Latin America. The Latin American model pays special attention to the supply-side determination of natural...

This collection of essays provides important insights which will be of lasting value. The authors are leading figures from regulatory bodies, financial markets and academia. The main themes of The Regulation of Financial Markets include managing financial crises, the regulatory response to...

Copublished with the Brookings Institution, Washington D.C. and the Centre for Economic Policy Research, London, and edited by Ralph Bryant, David Currie, Jacob A. Frenkel, Paul Masson, and Richard Portes, this volume considers economic interdependence among well developed countries as well as...

In this paper we present two examples where the presence of inflation persistence could influence the qualitative nature of monetary policy. In the first case the desirability of a monetary policy regime comes under question when extensive inflation persistence exists. In the second case the...