As the most liquid of instruments, benchmark bonds play an important role in price discovery. Where markets fail to create them, however, can governments do so? In Indonesia, Malaysia and Thailand, authorities have designated specific bonds as benchmarks. We measure these bonds' liquidity and...

Pesaran and Smith (2011) concluded that DSGE models were sometimes a straitjacket which hampered the ability to match certain features of the data. In this paper we look at how one might assess the fit of these models using a variety of measures, rather than what seems to be an increasingly...