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In recent years, an inflation targeting framework for monetary policy has been adopted in a number of industrial countries. This paper discusses the practical issues that have arisen under the operation of the new framework, and highlights five features of the framework: the assignment of the target, the interaction with other policy goals, the definition of the target, accountability and the role of inflation forecasts. The economic performance of the inflation targeting countries thus far is summarized.

Banks and Banking --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Forecasting --- Monetary Policy --- Central Banks and Their Policies --- Price Level --- Deflation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Forecasting and Other Model Applications --- Monetary economics --- Banking --- Economic Forecasting --- Inflation targeting --- Economic forecasting --- Consumer price indexes --- Monetary policy --- Prices --- Price stabilization --- Banks and banking --- Price indexes --- New Zealand

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Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence of convexity. This paper places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the NAIRU. After imposing plausible restrictions on the variability in the NAIRU we find that the nonlinear model fits the data best. The implications for the macroeconomic policy debate is that policymakers that are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment.

Banks and Banking --- Finance: General --- Inflation --- Labor --- Macroeconomics --- Model Construction and Estimation --- Price Level --- Deflation --- Monetary Policy --- Unemployment: Models, Duration, Incidence, and Job Search --- Interest Rates: Determination, Term Structure, and Effects --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- General Financial Markets: General (includes Measurement and Data) --- Labour --- income economics --- Finance --- Economic growth --- Unemployment rate --- Real interest rates --- Business cycles --- Securities markets --- Prices --- Financial services --- Financial markets --- Unemployment --- Interest rates --- Capital market --- United States --- Income economics

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This paper uses cross-section and panel data to examine the determinants of the current account. The empirics find a significant impact of the stage of development and demographic factors in the cross section. Estimating partial-adjustment and error-correction models using panel data, the paper finds a short- and long-run impact of fiscal policy on the current account in the time series. The real exchange rate, the business cycle and the terms of trade are also shown to have short-run effects on the current account, while the stage of development and demographics have longer-run effects.

Balance of payments --- Current Account Adjustment --- Current account deficits --- Current account --- Debt Management --- Debt --- Debts, Public --- Economic policy --- Empirical Studies of Trade --- Exports and Imports --- External position --- Foreign assets --- International economics --- International Investment --- International trade --- Investments, Foreign --- Long-term Capital Movements --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Nternational cooperation --- Open Economy Macroeconomics --- Public debt --- Public finance & taxation --- Public Finance --- Short-term Capital Movements --- Sovereign Debt --- Terms of trade --- United States