ECONOMIC DEVELOPMENTS
AND MONETARY POLICY
     
Content Page
 
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US: Vibrant Pace . Europe: Mixed
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Box 15 – Debunking the Deflation Myth in Singapore . International Financial Markets: Broad Recovery Amid Uncertainty
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Box 16 – Exchange Rate and Macroeconomic Volatility . Monetary Policy in an Increasingly Volatile Environment
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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).