Anticipated monetary policy and real output: evidence from Latin American countries

This paper is an empirical investigation of the effects of anticipated and unanticipated monetary policies on real output for 13 LDCs in Latin and Central America. The well-know Mishkin econometric procedure is applied to the annual IMF date for the decomposition of actual money growth into anticipated and unanticipated components and the evidence of significant relation between anticipated money supply and real output for each country is reported. The results derived in this paper thus provide additional empirical support for the validity of the ‘non-classical rational expectations’ macro models of Fisher, and Phelps and Taylor.     

Impact of wireless telecommunications standards and regulation on the evolution of wireless technologies and services over Internet protocol

Beginning with the historical role and importance of multi-physical standards in wireless telecommunications for the future in the US, Japan and Europe, this paper provides a cohesive vision of how wireless communication, voice over Internet protocol (VoIP) is likely to develop. Also covered in this paper are its benefits, the technical and regulatory support required to realize this vision and an assessment of its potential impact on the structure of the telecommunications industry. Although the competitive structure of the Internet is relatively open, several factors, such as frequency allocation policy and radio interface standards, could block the efficient evolution of wireless services to an IP platform. The paper proposes two major technical requirements to enable effective competition in wireless VoIP and achieve greater technical productivity.