ANNUAL REPORT 2002 / 2003

Economic Developments and Monetary Policy

In-depth Economic Research and Analysis

We intensified our monitoring of global economic developments and conducted in-depth studies of relevant issues in order to better understand the implications of the increasingly uncertain economic environment. One study looked at the two previous recessions, in 1985 and 2001, and identified the similarities and differences between them. We evaluated the policy responses in these two recessions, and the role of the product and factor markets in helping the economy to equilibrate. The insights from this study of the dynamics and nature of the economy’s response to previous shocks has helped us anticipate developments in key economic variables and indicators. This, in turn, helps us decide what action is needed to support the current recovery and enhance macroeconomic stability. Further studies were conducted to examine such developments and related policy issues. (See Boxes 9 and 10.)




The Global Economy: Still Waiting for Recovery International Financial Markets: Uncertainty Takes its Toll The Singapore Economy: Roller Coaster Ride
Neutral Monetary Policy Stance in 2002 Increasing the Transparency of Monetary Policy Framework In-depth Economic Research and Analysis

Back to Contents