* Marc Robinson is a European-based international consultant and trainer. This article was written when he was a senior economist in the Fiscal Affairs Department of the International Monetary Fund. The author gratefully acknowledges the valuable comments of Marco Cangiano, Ian Lienert, Gösta Ljungman, David Fjord Nielsen, Eivind Tandberg and participants in a seminar in the Fiscal Affairs Depa...

Miller for very useful discussions of the issues treated here, and to Enrica Detragiache, Ilan Goldfajn, and Caroline Van Rijckeghem for helpful comments. Freyan Panthaki provided research assistance. The views expressed are my own, however, and in particular do not represent those of the International Monetary Fund or its member countries.

Macroeconometric models with rational expectations constitute a challenge when they have to be solved repeatedly a large number of times, as it is the case in stochastic simulation or in sensitivity analysis. This paper presents an eecient implementation for solving such models on an IBM SP1. The results are illustrated with the model MULTIMOD from the International Monetary Fund.

The author is most grateful to Aaditya Mattoo, Arvind Panagariya, and especially to Jayashree Watal, for helpful suggestions on an earlier draft. Errors, of course, remain my own. The views expressed here do not represent those of the International Monetary Fund or its Executive Board.

he Globalization and Monetary Policy Institute cosponsored a conference on “International Linkages in a Globalized World and Implications for Monetary Policy” with the School of International Business Administration at Shanghai University of Finance and Economics (SHUFE) and Shanghai Institute of Finance and Law. The event was held at SHUFE on June 21–22. The theme was the impact of globalizati...