ECONOMIC DEVELOPMENTS AND MONETARY POLICY       Content Page   . The World Economy: Global Upswing . US: Vibrant Pace . Europe: Mixed . Asia: Broad-based Growth ExpectedCorporate Disclosure . Box 15 – Debunking the Deflation Myth in Singapore . International Financial Markets: Broad Recovery Amid Uncertainty . Singapore: Riding the Global Recovery . Box 16 – Exchange Rate and Macroeconomic Volatility . Monetary Policy in an Increasingly Volatile Environment . Strengthening the Monetary Policy Formulation Process . Recent Policy Research and Analysis Against the Backdrop of More Frequent Shocks . Box 17 – Creating an Electronics Leading Index   Recent Policy Research and Analysis Against the Backdrop of More Frequent Shocks   Recent policy research has been geared towards enhancing the understanding of the structure and analytics of the Singapore economy, in view of the increased frequency of shocks and the ongoing structural changes (See Boxes 15 to 17). In addition, as part of our continuing efforts to raise the standard of research and analysis, we introduced a Visiting Scholar programme to leverage on the expertise of several eminent economists1. We also benefited from the transfer of knowledge and technology. Many of the economists and visiting scholars delivered MAS-sponsored public lectures and conducted several internal lectures or seminars. Staff Papers prepared by these visitors are available on our website.   1 In FY2003, the visitors included Professor Barry Eichengreen (University of California, Berkeley), Professor Ronald MacDonald (University of Strathclyde) and Professor Andrew Rose (University of California, Berkeley).