Introduction
     
Content Page
Board of Directors
Chairman's Statement
Board Committee
Management Team
Organisation Chart
Our Achievements and Work in Progress
 
OUR ACHIEVEMENTS AND WORK IN PROGRESS
 
ECONOMIC DEVELOPMENTS AND MONETARY POLICY
 
Achievements   Work In Progress
     
Strengthen partnership with industry Strengthened partnership by initiating regular dialogue prior to our twice-yearly Monetary Policy Statement.

Enhanced transparency of monetary policy decisions and MAS economic analysis by publishing two Macroeconomic Reviews.

Further strengthened research efforts by publishing four staff papers, including a joint study with Ministry of Manpower to estimate the effects of higher education on wages.

Kept the industry abreast on inflation developments by publishing the Inflation Monthly on the MAS website.

Manage within a riskier environment To assess the impact of SARS on the economy, we created an analytical framework by grouping the various sectors according to the severity that they were affected. We also assessed the effectiveness of the economic package put in place to assist households and businesses.

To enhance our understanding of the effects of exchange rate on the economy, we examined the relationship between S$ exchange rate and macroeconomic volatility in a staff paper.

Strengthened our forecasting capabilities by launching a composite electronics leading index to predict the turning points in the global electronics cycle and to generate quantitative forecasts of domestic electronics production.
  Enhance operating environment
In view of ongoing structural
changes in the economy, we will
implement initiatives to strengthen
the robustness of forecasting,
policy analysis and decisionmaking
capabilities. This includes
enhancing the MAS econometric
model to better reflect the impact
of demographic developments
on the long-term sustainable
growth path of the economy.

We will construct econometric
models to better understand the
monetary transmission mechanism
in the economy.

With a view to understand
long-term movements of the real
exchange rate in Singapore, we
will undertake research on its
underlying determinants.

In order to better appreciate
the inter-linkages and financial
flows between sectors and
economic units, we are constructing
a flow of funds model for the
Singapore economy..
     
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