MAS carried out a broad range of policy research studies over the
past year to deepen our understanding of the Singapore economy.
The following are some of the key studies:
of the natural rate of unemployment in Singapore found that
had crept up over the years, reflecting the ongoing economic
examination of the long-run equilibrium real exchange rate for
Singapore showed no evidence of a misalignment of the currency
from its equilibrium level (See Box 13).
assessment of the trade dynamics in Asia, including identifying
the cross-border production network that has emerged based on
the complementary capabilities of the regional countries.
paper analysing Singapores balance of payments from 1985
At the same time, MAS continued with our Visiting Scholar programme
to enhance the rigour and depth of policy research and thinking
at MAS. These visitors included Kenneth Wallis (University of Warwick),
Delano Villanueva (Singapore Management University), Peter Wilson
(National University of Singapore), Anthony Tay (Singapore Management
University) and Andrew Feltenstein (International Monetary Fund).
During the year, MAS organised an inaugural Regional Seminar on
Monetary Policy in Post-Crisis Asia with the Centre for Central
Banking Studies of the Bank of England. The seminar attracted 24
participants from 12 regional central banks. This was an excellent
opportunity for MAS to work together with a well-established institution
to provide a forum where central bankers from across the region
could exchange experiences and provide updates of new analytical
As part of our continuing Economics Education efforts, we delivered
lectures and presentations to students and teachers on monetary
policy issues. In addition, we launched an Inflation Calculator
on the MAS website, allowing users to obtain inflation-adjusted
prices of goods and services or wages (See Figure 2).