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This Selected Issues paper analyzes Senegal’s real effective exchange rate (REER) and external competitiveness. A REER significantly above its equilibrium, as determined by economic fundamentals, can impede a country’s external competitiveness, calling for corrective macroeconomic measures. This paper finds no conclusive evidence of a REER overvaluation, implying that structural reforms are key to improving Senegal’s external competitiveness. The paper also describes Senegal’s export performance, developments of the REER, and an empirical analysis of the equilibrium REER. Structural measures of competitiveness are also illustrated.

Fiscal policy -- Senegal. --- Monetary policy -- Senegal. --- Money supply -- Senegal. --- Pensions -- Senegal. --- Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Taxation --- Trade Policy --- International Trade Organizations --- Trade: General --- Price Level --- Deflation --- Energy: Demand and Supply --- Prices --- International economics --- Currency --- Foreign exchange --- Public finance & taxation --- Population & demography --- Real effective exchange rates --- Imports --- Trade liberalization --- Energy prices --- International trade --- Tariff --- Commercial policy --- Senegal --- Fiscal policy --- Monetary policy --- Money supply --- Pensions

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This book, based on the proceedings of a conference organised by the OECD and the Bank of England's Centre for Banking Studies,  examines cross-country issues related to the conduct of monetary policy in emerging markets and the role of inflation targeting in improving macroeconomic performance. it includes both cross-country analysis and country-specific case studies.  Countries covered include Brazil, Chile, Colombia, the Czech Republic, Indonesia, Mexico, South Africa and Turkey.

Inflation (Finance) -- Congresses. --- Inflation (Finance) -- Latin America -- Congresses. --- Inflation targeting -- Congresses. --- Monetary policy -- Congresses. --- Monetary policy -- Latin America -- Congresses. --- Monetary policy --- Inflation targeting --- Finance --- Business & Economics --- Money --- Inflation (Finance) --- Monetary management --- Natural rate of unemployment --- Economic policy --- Currency boards --- Money supply --- International finance --- Anti-inflationary policies --- Politique monétaire --- Finances internationales --- Inflation --- Congresses. --- Congrès --- Politique gouvernementale

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This paper utilizes an open-economy New Keynesian overlapping generations model to assess the extent to which fiscal policy, along side an inflation-forecast-based monetary policy, could enhance macroeconomic stability in Colombia. The model simulations indicate that, in addition to stabilizing output and inflation, a stronger response of the fiscal balance to excess tax revenue would reduce the burden on the central bank of adjusting interest rates, lessen the associated degree of exchange rate volatility, and contribute to a more stable external current account balance. The analysis also assesses how the success of fiscal policy in enhancing macroeconomic stability depends on the type of shock, the response of monetary policy, and the length of fiscal policy implementation lags.

Fiscal policy --- Monetary policy --- Econometric models. --- Monetary management --- Tax policy --- Taxation --- Government policy --- Economic policy --- Currency boards --- Money supply --- Finance, Public --- Inflation --- Investments: General --- Macroeconomics --- Public Finance --- Fiscal Policy --- Investment --- Capital --- Intangible Capital --- Capacity --- Taxation, Subsidies, and Revenue: General --- Price Level --- Deflation --- Public finance & taxation --- Return on investment --- Fiscal stance --- Revenue administration --- Saving and investment --- Revenue --- Prices --- Colombia

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This is a systematic study of how the interdependence of fiscal and monetary policies and the interaction of party governments and central banks affect the fiscal-policy mix in 18 industrial democracies in America, Europe and Asia.

Banks and banking, Central --- Fiscal policy --- Monetary policy --- BUSINESS & ECONOMICS --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Monetary management --- Currency boards --- Money supply --- Banks & Banking --- Government policy --- E-books --- Money. Monetary policy

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This paper examines the determinants of inflation in Sierra Leone using a structural vector autoregression (VAR) approach to help forecast inflation for operational purposes. Despite data limitations, the paper accurately models inflation in Sierra Leone. As economic theory predicts, domestic inflation is found to increase with higher oil prices, higher money supply, and nominal exchange rate depreciation. The paper then employs a historical decomposition approach to pinpoint the sources of a marked decline in inflation in 2006 and assesses its forecasting properties. Overall, the model serves as a useful addition to the toolkit for analyzing and forecasting inflation in countries with limited data availability.

Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- Energy: Demand and Supply --- Prices --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Currency --- Foreign exchange --- Monetary economics --- Oil prices --- Exchange rates --- Monetary base --- Real exchange rates --- Money supply --- Sierra Leone