Such policy commitments are unlikely to be credible however, and so these DSGE models (NAWM-II and MMR) are typically adjusted to allow for discounting in the expectations formation process. 15. The long-term yield impacts of the change in balance sheet assumptions are computed using Eser, F., Lemke, W., Nyholm, K., Radde, S. and Vladu, A.
This mirrors what we have already been doing at the global level for many years via our network of representatives and representative offices. As well as allowing us to establish valuable contacts, this international network also provides us with important insights into the economic and financial situation of each country.