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This paper shows how the internal job market for participants in the IMF Economist Program (EPs) could be redesigned to eliminate most of the shortcomings of the current system. The new design is based on Gale and Shapley's (1962) Deferred Acceptance Algorithm (DAA) and generates an efficient and stable outcome. An Excel-based computer program, EPMatch, implements the algorithm and applies it to the internal job market for EPs. The program can be downloaded from http://www.people.hbs.edu/gbarron/EPMatch_ for_Excel.html.

Economists. --- Social scientists --- International Monetary Fund. --- Internationaal monetair fonds --- International monetary fund --- Macroeconomics --- Bargaining Theory --- Matching Theory --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Labor Economics: General --- Labour --- income economics --- Labor --- Labor economics --- China, People's Republic of --- Income economics

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This paper investigates various output gap measures in a simple inflation forecasting framework. Reflecting the cyclical position of an economy, an (unobservable) output gap has important implications for economic analysis. I construct and compare common output gap measures for five European countries. Since output above potential reflects domestic inflationary pressures, including a gap could improve the accuracy of autoregressive inflation forecasting. This assertion is tested in a simple simulated out-of-sample forecasting exercise for the period 1990-2002. The main conclusions are that an output gap rarely provides useful information and that there is no single best output gap measure across countries.

Inflation (Finance) --- Monetary policy --- Economic forecasting --- Econometric models. --- Inflation --- Labor --- Forecasting --- Production and Operations Management --- Macroeconomics: Production --- Forecasting and Other Model Applications --- Unemployment: Models, Duration, Incidence, and Job Search --- Price Level --- Deflation --- Macroeconomics --- Economic Forecasting --- Labour --- income economics --- Output gap --- Potential output --- Unemployment rate --- Production --- Economic theory --- Unemployment --- Prices --- United Kingdom --- Income economics

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This paper investigates the main postulations of the R&D based growth models that innovation is created in the R&D sectors and it enables sustainable economic growth, provided that there are constant returns to innovation in terms of R&D. The analysis employs various panel data techniques and uses patent and R&D data for 20 OECD and 10 Non-OECD countries for the period 1981–97. The results suggest a positive relationship between per capita GDP and innovation in both OECD and non-OECD countries, while the effect of R&D stock on innovation is significant only in the OECD countries with large markets. Although these results provide support for endogenous growth models, there is no evidence for constant returns to innovation in terms of R&D, implying that innovation does not lead to permanent increases in economic growth. However, these results do not necessarily suggest a rejection of R&D based growth models, given that neither patent nor R&D data capture the full range of innovation and R&D activities.

Investments: Stocks --- Labor --- Macroeconomics --- Production and Operations Management --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Personal Income, Wealth, and Their Distributions --- Labor Economics: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Investment & securities --- Labour --- income economics --- Stocks --- Human capital --- Personal income --- Total factor productivity --- Income --- Labor economics --- Industrial productivity --- United States --- Income economics

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This paper examines Cambodia’s Poverty Reduction Strategy Paper Progress. The Cambodian economy grew by 5.2 percent in 2003 compared with 5.5 percent in 2002, led by continued growth in garments exports, a rebound in overall investments and an upward surge in agricultural production. The drop in foreign direct investment has been more than compensated by domestic private investment and higher consumption induced by higher public spending. Moreover, the weakness in the service sector receipts has been offset by continued strong growth in garments exports.

Budgeting --- Macroeconomics --- Women''s Studies' --- Education: General --- Health: General --- National Budget --- Budget Systems --- Labor Economics: General --- Economics of Gender --- Non-labor Discrimination --- Education --- Health economics --- Budgeting & financial management --- Labour --- income economics --- Gender studies --- women & girls --- Health --- Budget planning and preparation --- Labor --- Women --- Public financial management (PFM) --- Gender --- Budget --- Labor economics --- Cambodia --- Income economics --- Women & girls --- Women's Studies

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This Selected Issues paper analyzes current developments and outlook for inflation in the Czech Republic. Inflation in the Czech Republic has fallen substantially since peaking in the double digits in 1998. The crisis-led depreciation of the koruna in mid-1997 pushed year-over-year inflation to more than 13 percent. The paper presents the IMF staff analysis that shows that without interest rate increases, inflation is likely to begin to rise above the midpoint of the Czech National Bank’s target in mid-2005. The paper also analyzes the Czech labor market in a cross-country perspective.

Foreign Exchange --- Inflation --- Labor --- Macroeconomics --- Unemployment: Models, Duration, Incidence, and Job Search --- Demand and Supply of Labor: General --- Price Level --- Deflation --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- Currency --- Foreign exchange --- Labor markets --- Prices --- Labor market --- Economic theory --- Czech Republic --- Income economics