ABSTRACT. Ito asserts that the actions and decisions of the Bank of Japan have become a focus of policy debate in Japan. Goodfriend and Prasad say that China's rising prominence in the world economy has meant that the efficacy of its macroeconomic management has taken on considerable importance. Mariano and Villanueva write that inflation forecast targeting requires a good econometric model. Gerlach and Gerlach-Kristen compare the parameter estimates for the economies of Hong Kong and Singapore. Bhattacharya contends that the Indian experience could be of help in expanding our knowledge on two problems.