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This paper uses the Triples test of Randles et al. (1980, Journal of the American Statistical Association, 75, 168–172) to detect asymmetries in U.S. as well as international GDP fluctuations. The test does not detect any asymmetry in the distribution of the U.S. GDP, which is consistent with previous empirical findings. However, significant asymmetries are found in international data. Detection of...
This paper explains how the performance contract and clear accountability for monetary policy in New Zealand place strong requirements for transparent decision-making based on evidence and analysis. It explores the tension between the requirements of the policy-maker and the constraints from evidence on the economic modeller in the context of the recent development of a Monetary Conditions Index....
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