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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Rational who wrote (590)	1/8/1998 2:35:00 PM
From: Rational	Respond to of 9980

To All: IMF policies are under serious attack by many and, notably, the WB. IMF's prescription (seeking budget surplus) is oblivious of the situation in Asia and is contrary to the policy (of budget deficit) that US adopted during its recession and contrary to the policy (of budget deficit) being prescribed to combat Japan's recession. The fight beteen Stan Fischer (IMF) and Joe Stiglitz (WB) has become open; the WB and IMF teams are meeting because the IMF has basically blown off the matter in Asia. There is a nice article in the WSJ today. The bottom line is that IMF will likely be forced to reverse its stale policy towards Asia. Sankar

To: Rational who wrote (590)	1/8/1998 3:02:00 PM
From: Stitch	Respond to of 9980

Sankar, You are an economist yet "don't waste time" reading an entire speech by Greenspan?? Yet you feel that you can quote out of context to draw conclusions to support your own contentions? Come now Sankar. Do you believe you are addressing a room full of adolescents? And frankly, your statement about "economists past their prime" is one of the most arrogant and patently absurd notions I have read on this thread. Stitch

To: Rational who wrote (590)	1/8/1998 3:08:00 PM
From: DMaA	Respond to of 9980

Dr. Acharya, if you didn't read his speech, you missed his plea to you academics to give him get him some decent tools to measure price stability in today's complex world. But how are we to know when our objective of price stability has been achieved? In price measurement, a distinction must be made between the measurement of individual prices, on the one hand, and the aggregation of those prices into indexes of the overall price level on the other. The notion of what we mean by a general price level--or more relevantly, its change--is never unambiguously defined. . . . If the challenge for our statistical agencies is not to lose in their race against technology, the challenge for policymakers is to make our best judgments about the limitations of the existing statistics, as we design policies to promote the economic well-being of our nations. In confronting those challenges, both government statisticians and policymakers would benefit from additional research by you, the economics profession, into the increasingly complex conceptual and empirical issues involved with accurately measuring price and quantity. What are you doing reading this? GET BUSY. There are Nobels to be won.